Extreme Fear Returns: Can Shiba Inu Hold Line at $0.000009?

The spotlight is currently on Shiba Inu, which is trading at the crucial level of $0.000009 as extreme fear returns to the market. Bitcoin slipped to its lowest level since May before paring some losses, as sentiment across the crypto market turned into extreme fear.

The Crypto Fear & Greed Index fell to 10, or extreme fear which, according to crypto analyst Maartunn, was the lowest reading since July 2022.

Major tokens extended losses alongside Bitcoin, with Shiba Inu steadily falling for five out of six days from the Nov. 11 high of $0.00001026 to reach a low of $0.00000889 on Sunday.

Research firm 10x indicated that a confluence of factors suggests the market might have entered a bearish phase, with shifting Fed rate-cut expectations and thin liquidity accelerating price drops.

At press time, SHIB had recovered daily losses and was up 0.27% to $0.000009 but down 10.17% weekly.

Shiba Inu price bottom?

The Crypto Fear and Greed Index, reaching its lowest level since July 2022, might not be all doom and gloom, as extreme fear could be a sign of a potential market bottom.

Shiba Inu has traded between $0.00000889 and $0.00000927 since Nov. 15 as it seeks to create a base following the recent sell-off.

If this is the scenario, Shiba Inu would seek to confirm a bottom in the $0.000008 range while resistance would be met at $0.0000104 and $0.0000123 (daily MA 50 and 200) in the event of a price rebound.

Japan greenlists Shiba Inu

Shiba Inu (SHIB) has secured a spot on Japan’s “Green List” of preapproved crypto assets, including Bitcoin and Ethereum and 27 other crypto assets, a major development that reflects its market acceptance and positions it to benefit from a proposed government plan to reduce crypto taxes.