Shiba Inu’s Price Plunge: Will This Level Save the Day? 🐕💸

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  • Well, it seems our dear Shiba Inu has taken a tumble below the VRVP’s value area, bless its little heart.
  • Now, the $0.00002 level is like the Great Wall of China for our bullish friends; they need to reclaim it before they can flip the market bias like a pancake on a Sunday morning.

Ah, the second-largest memecoin by market cap, Shiba Inu [SHIB], has decided to shed nearly 30% of its value over the past month. It appears it couldn’t hold onto its range formation from early January, and lo and behold, its downtrend is still marching on like a stubborn mule.

As I pen this, the volume indicators are waving their little flags, declaring that the $0.00002 resistance zone is the key to any bullish efforts. But alas, the momentum is as favorable as a rainstorm at a picnic, and the market-wide sentiment is about as cheerful as a cat in a bathtub.

The Key to Solving Shiba Inu’s Woes

Now, let me tell you, the drop below the 61.8% Fibonacci retracement level back in mid-December was the proverbial straw that broke the camel’s back. Memecoins were running wild in November, but by December, their little party was over, and they were left with nothing but empty bottles and regrets.

The $0.00002 region, a bullish order block from September, was retested as resistance on January 31. Since then, SHIB has slumped by another 23% on the charts. But wait! The CMF has flashed a glimmer of hope, showing a reading of +0.02 at press time, after spending the second half of January below -0.05. It’s like finding a penny on the ground—better than nothing, I suppose!

This uptick in the CMF could mean that capital outflows from the market are slowing down, though I wouldn’t go painting the town red just yet.

The Visible Range Volume Profile has also pointed its finger at the $0.00002 zone, marking it as the lower bound of the value area. It’s like a treasure map, but instead of gold, we’re looking for hope.

In the wild world of crypto, where attention goes, money flows—like a river of dreams. But alas, the social volume has been falling since early December, when the memecoin euphoria lost its grip tighter than a toddler on a cookie jar. The sustained losses have pushed the short-term MVRV into negative territory, which is about as pleasant as a toothache.

Now, whether realistic or not, here’s SHIB’s market cap in BTC’s terms—hold onto your hats!

On the flip side, the Mean Coin Age has been trending higher over the past month. Together with the MVRV, it suggests a buying opportunity—like a sale on last year’s Christmas decorations. Increased accumulation while short-term holders are facing losses is a sight to behold.

Technical analysis suggests that a retest of $0.0000128 would be a buying opportunity. Alternatively, if the $0.00002 zone flips to support, it might just offer our bulls a glimmer of hope, like a lighthouse in a stormy sea.

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2025-02-09 03:06