The new week on the crypto market opened in the red when, after several weeks of growth since November, the prices of digital assets succumbed to a correction. Diving into the details, it is clear that the total crypto market lost a total of $161.38 billion at the peak of the fall, of which more than 60% is the share of Bitcoin (BTC), which lost six figures and is now trading at $99,000. 

Altcoins were hurt even more, with some of them reaching critical support levels, the breakdown of which could cast doubt on their growth prospects, at least in the short term. In particular, the popular meme-inspired cryptocurrency Shiba Inu (SHIB) fell 8.38% from the beginning of the day at its peak, and at one point, at $0.00002948, fell below an important support zone that it had successfully held since early December.

However, buyers showed their bullish ambitions and brought the SHIB price back above support, which allows the token to maintain the bullish bias established since early November. 

Now, however, the situation remains delicate, and the price of the Shiba Inu token remains to be on a thin edge, where a few percent can decide the mood of market participants toward the asset.

Possible scenarios for Shiba Inu (SHIB)

Only two scenarios for SHIB are visible right now. The first is that if the price of Shiba Inu token holds here, it opens up prospects of at least repeating the success of March this year, when the meme cryptocurrency reached $0.00004567. Further prospects are even brighter and may even include setting a new all-time high, given that the current one is at $0.00008845.

Another scenario is if SHIB finally breaks a major support level. In this case, the meme cryptocurrency may suffer a painful fall to $0.000024, as it happened in March.