Shiba Inu's Price Plunges 10% Amidst Retracement Fears

Shiba Inu's price has been on a downward trend after reaching its monthly peak of $0.00000620, dropping 10% to test the $0.00000550 range.

The cryptocurrency's near-term price structure will depend on whether it can sustain above the 200-week moving average line at around $0.00000668.

Shiba Inu's daily charts hint at a full retracement, potentially taking SHIB back to the four-zero price territory, with its first target being the yellow line in the technical chart.

If that area is secured, Shiba Inu has less resistance in the pink zone up to $0.00000950, where the largest confluent resistance kicks in.