"Meme Coin Market Plunges: SHIB's Breakout Hopes Amidst Volatility"

The cryptocurrency market has been volatile in recent weeks, with the meme coin sector experiencing significant losses. The total market capitalization of meme coins has dipped by 1% in the past 24 hours, reaching $3.13 trillion. Established meme coins like Dogecoin, Pepe, and Bonk have declined, while newer tokens such as WIF have plummeted by up to 90%. The meme coin market has lost a collective $44 billion in the past three weeks.

As the broader crypto market faces uncertainty, Shiba Inu (SHIB) has been struggling to gain momentum, hovering near $0.000015. The recent drop in Bitcoin's price below $97,000 has added to the market's instability, putting pressure on altcoins. Despite the challenges, SHIB has shown signs of a potential breakout, with renewed buying interest near key support levels.

Analysts suggest that SHIB could be poised for a rally if it can break through the critical resistance level of $0.000016. A successful breakout could trigger a stop-run scenario, leading to a significant upside for the asset. Technical analysis indicates that reclaiming the mid-range level would confirm bullish momentum, potentially driving SHIB toward a new local high.

Currently, SHIB is trading within a tight range, with immediate support at $0.000014. If SHIB loses this support, it could drop to $0.000012, where buyers may step in to absorb selling pressure. On the upside, resistance is found at $0.000016, which aligns with the recent consolidation range. A breakout above this level could open the door for a rally toward $0.000018, with extended targets at $0.00002 and $0.000025-$0.000026.

The Relative Strength Index (RSI) for SHIB is currently around 43.72, indicating that the asset is in neutral territory. As new meme coins continue to crash, with some losing up to 90% of their value, investors are questioning whether SHIB can stage a breakout or succumb to broader market weakness in the coming days. The crypto market often runs