• The Shiba Inu (SHIB) price dropped to a yearly low of $0.000010 after reaching its highest point in February.
• Technical analysis using Murrey Math Lines suggests that SHIB will continue to move downward and reach the next ultimate support level at $0.0000090.
• The 4H chart shows that SHIB/USD is currently hovering slightly above the key support level of $0.000010, which may confirm a bearish breakout in the near future.
Shiba Inu Price Plunge
The Shiba Inu (SHIB) price has plummeted to its lowest point since January 19th as demand for cryptocurrencies has weakened and enthusiasm surrounding the Shibarium launch has decreased. SHIB dropped to an all-time low of $0.000010, which is more than 31% lower than its year-to-date high of $0.000015.
Murrey Math Line Prediction
The current SHIB sell-off began when the coin peaked at $0.000015 on August 17th, reaching its highest point yet on February 4th. After breaking through several important support levels, it eventually breached the neckline of a head and shoulders pattern on February 9th before moving below both the 50-day and 100-day moving averages, indicating that bears still reign supreme in this market segment. Using Murrey Math Lines, we can see that Shiba Inu has moved below the bottom of its trading range and is now above the strong pivot and reverse level – potentially signaling further downside movement towards an ultimate support level at $0.0000090 (~18% lower than current levels). To ensure safety against any potential reversal movements, traders should place their stop loss orders at key resistance levels such as $0.000012 – a major S/R line for this coin pair’s performance over time..
Murrey Math Theory
Murrey Math Lines are mathematical concepts based on Gann theory which states that prices tend to trend and retrace within 1/8 intervals; with 0/8, 4/8, 8/8 being points of strong support or resistance respectively – making them useful indicators for gauging likely directionality within markets such as Shiba Inu’s native token pairings (i.e., SHIB/USD).
4H Chart Analysis
On closer inspection via a 4H chart we can observe how Shiba Inu’s price seems to be sitting just above a key support line located at around $0.000010 – which was also its year-low for 2021; while remaining beneath all other moving averages — possibly confirming our earlier prediction regarding bearish momentum in this specific asset class over time..
Conclusion
In conclusion, technical analysis using Murrey Math Lines suggests that Shiba Inu will continue to move down towards an ultimate support level located around$ 0.0000090 while simultaneously hovering slightly above a key support line located at around$ 0