Will Shiba Inu Reclaim $0.000012? SHIB Eyes Retest After Key Support Breakdown

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Shiba Inuis at a make-or-break moment as it struggles to recover from a recent support breakdown. The price drop has shaken bullish sentiment, raising concerns about further losses if buyers fail to regain control. Now, SHIB eyes a potential comeback, aiming to reclaim the $0.00001272 level, which has turned into a key resistance zone.

Buying momentum must increase for a reboundto gain traction, pushing SHIB above this crucial barrier. However, if bearish pressure persists, the price could face another downward move, leading to deeper losses.  SHIB Loses Crucial Support

Shiba Inu recently faced a significant setback as its price broke below the critical support level of $0.00001272. This level had previously acted as a strong floor, providing stability during marketvolatility. However, increasing selling pressure and bearish market sentiment pushed SHIB below this key threshold, signaling a potential shift in momentum. Related Reading Shiba Inu Price To $0.000045? Here Are The Major Support And Resistances To Watch Out For 2 months ago

Following the breakdown below the $0.00001272 support level, SHIB is attempting to retest this crucial zone. For SHIB, reclaiming this level might signal a reversal, restoring confidence among investors. Nonetheless, failure to break back above $0.00001272 may reinforce bearish momentum, leading to further declines. SHIB attempting a rebound | Source: SHIBUSDT on Tradingview.com

Despite the ongoing retest attempt, technical indicators reveal weak bullishmomentum, raising concerns about SHIB’s ability to recover. The MACD line and the signal line remain below average. Additionally, SHIB continues to trade below the 100-day SMA, reinforcing seller dominance.

However, if the bulls manage to push SHIB’s price above the $0.00001272 resistance level and reclaim the 100-day Simple Moving Average (SMA), it could signal a trend reversal. A successful breakoutabove these key levels may attract renewed buying interest, strengthening upside movements to challenge higher resistance levels such as $0.00001703 and $0.00002045. Downtrend Concerns: Will Shiba Inu Face More Losses?

Shiba Inu remains under bearishpressure, sparking doubts about this current bullish recovery. With SHIB trading below key resistance levels and the MACD signaling weakness, sellers currently have the upper hand. Failure to break above the $0.00001272 resistance zone could accelerate losses, pushing SHIB toward lower price levels. Related Reading Shiba Inu Targets Fresh Highs As SHIB Undergo A Rebound At $0.00002045 2 months ago

If this scenario unfolds, SHIB is likely to test the $0.00000847 support level. Breaking below this key zone may trigger an extended sell-off, potentially pushing the price toward the $0.00000534 support area. 

Such a drop could indicate growing bearish dominance, shaking investor confidence, and leading to increased selling pressure. For SHIB to avoid deeper losses, buyers must step in at these crucial levels and prevent the meme coin from entering a prolonged downtrend phase. SHIB trading at $0.000012 on the 1D chart | Source: SHIBUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com