Shiba Inu Drops 0.98% Amid Bearish Sentiment, Technical Resistance

On March 14, 2025, the price of Shiba Inu (SHIB) was recorded at $0.0000121, marking a 0.98% decrease from the previous day. This downward trend was anticipated by some analysts, who predicted an additional 20% decline, citing the asset's position in a descending channel with no immediate breakout signals. The bearish sentiment was further supported by the asset's inability to overcome significant resistance points, despite brief recovery attempts. The price rejection observed at $0.000013 indicated that SHIB's fight to recover was still ongoing, with the likelihood of returning to the $0.00001 range increasing as the price was driven lower.

The technical resistance posed by short-term moving averages, such as the 50-day and 100-day, has been a significant factor in SHIB's weakness. Any substantial upward momentum has been thwarted by these enduring barriers, increasing the likelihood of an accelerated decline toward lower support zones. The asset's vulnerability to additional declines was further exacerbated by the dwindling market demand, as the meme coin market has been slowing down, making it more difficult for speculative assets like SHIB to draw consistent buying pressure.

Despite the bearish outlook, some predictions suggested a potential recovery for SHIB. One forecast indicated a 97.61% increase in the next five days, with a price target of $0.000024 per SHIB. Another prediction anticipated a 19.16% rally by March, reaching $0.000026 at its peak. However, these optimistic forecasts were countered by the current market sentiment, which remained bearish, with all indicators pointing to a neutral zone.

The $0.00001 support level has become a focal point for SHIB, acting as a temporary floor. Breaking below this level could result in additional losses, potentially pushing SHIB into uncharted bearish territory. The asset's ability to maintain market stability and overcome technical resistance will be crucial in determining its future price movements. Investors will be closely monitoring SHIB's performance in the coming days, as any signs of new interest or a shift in market sentiment could significantly impact its price trajectory.

Since the first week of December 2024, the Shibarmy has experienced a choppy market for Shiba Inu (SHIB) akin to Ethereum (ETH). The mid-cap dog-themed memecoin, with a fully diluted valuation of about $7.2 billion, has dropped more than 22 percent in the past four weeks to trade about $0.00001239 on Friday, March 14, during the mid-London trading session. As the largest memecoin on the Ethereum network, Shiba Inu price has moved in tandem with Ethereum. Consequently, a potential V-shaped reversal for Ether in the near future could directly impact Shiba Inu price action and the wider altcoin market.

From a technical analysis standpoint, Shiba Inu price is currently retesting a crucial support range between $0.0000128 and $0.00001, which was established in the last year. Additionally, SHIB price has been retesting a crucial support weekly trendline, which must hold to invalidate further market correction. In case of a sudden market reversal, SHIB price will be aiming for the next supply zone between $0.000021 and $0.000025.

Shiba Inu has, over the years of existence, evolved to a utility-based memecoin through the Shibarium layer two (L2) ecosystem. The Shibarium ecosystem has grown to more than a dozen DeFi protocols, with a total value locked of about $1.71M. As a result, the SHIB token has attracted more than 1.4 million on-chain holders, who have helped increase the network’s overall burn rate. In the past 24 hours, the burn rate of SHIB surged by 27,787 percent.

The resurgence of the meme season amid anticipated altseason in the near future will propel Shiba Inu to the price discovery phase. The Shibarmy's resilience and the evolving utility of the SHIB token through the Shibarium ecosystem suggest a potential for price recovery. However, the current bearish sentiment and technical resistance levels pose significant challenges. Investors and analysts will be closely watching the next few days to see if SHIB can break out of its descending channel and regain momentum.