Here are Next Support and Resistance Levels to Watch

Shiba Inu (SHIB) has finally relinquished the crucial $0.000009 price territory, leading to a new cluster of pivotal support and resistance levels to watch out for.

The broader crypto market is currently facing widespread turbulence triggered by Bitcoin’s collapse. Bitcoin (BTC) itself recently dropped below the $40,000 price point, further giving up the $39,000 psychological level as the bearish pressure mounted. 

SHIB Breaks Below $0.000009

Amid this onslaught, SHIB faced a similar price downturn, having collapsed by 9.19% over the past three days with three consecutive intraday losses. The downtrend was more pronounced on Jan. 22 and 23, with Shiba Inu eventually slumping below $0.000009 yesterday.

The crypto asset had held above this price level since the latest market-wide storm began on Jan. 11. Shiba Inu had hoped to defend the crucial support point so as to leverage it for a massive upswing when the markets eventually recover.

The latest development has presented a roadblock to this plan, as SHIB would need to struggle to recover and retain the $0.000009 point.

In addition, the drop brings new resistance and support levels into play, with these price points pivotal in determining whether SHIB recovers or collapses further.

Next Shiba Inu Support Levels

Shiba Inu currently changes hands at $0.000008886, having had no support at the $0.0000089 price zone. The asset currently holds above the Fibonacci 0.5 level, which serves as its next strong support system. This Fib level resides at the $0.000008712 price.

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It would take another round of increased selling pressure for the bears to breach this initial support. SHIB has continued to zealously defend this point, as a drop below it could result in a slump below multiple psychological levels, leading to the next support at $0.000008291.

The last time Shiba Inu traded at this price was last November, as it faced a roadblock in an attempt to break above $0.000009. The $0.000008291 point represents Shiba Inu’s last defense above the $0.000008 psychological support. A breach below this would lead to $0.000007691.

Next Shiba Inu Resistance Levels

Meanwhile, Shiba Inu aims to invalidate what would mark a fourth consecutive intraday loss today. The token has appreciated by a meager 0.71% today. In comparison, BTC is up 0.41% today, looking to engineer a market-wide recovery.

Shiba Inu’s hope to reclaim $0.000009 rests on the success of Bitcoin’s recovery campaign as well as increased buying pressure from whales and positive investor sentiments. Interestingly, SHIB faces no pivotal resistance between its current price and $0.000009.

As a result, a resurgence of bullish momentum could see it easily reclaim the psychological level. However, the asset would face an initial resistance point at $0.000009134, aligning with Fibonacci 0.382. Breaking above this resistance would bring $0.000009655 to the scene, the last roadblock below $0.00001.

SHIB’s daily MACD remains in bearish territory, with a current RSI of 40.51. Despite the current downtrend, Shiba Inu’s RSI suggests a resurgence of strength for the asset, having recovered from a recent drop to 39.22. 24-hour trade volume has also declined 34% to $102,898,730.