Shiba Inu Faces 2.6% Drop, Tests Key Support Level
1min read Shiba Inu (SHIB) is currently the second-ranked memecoin on CoinMarketCap, trailing only Dogecoin (DOGE). Despite this ranking, SHIB is facing significant bearish pressure, with its price testing a critical support level at $0.00001150. This support level is crucial as a drop below it could trigger further losses, potentially dragging the price down to $0.00001130 or even $0.00001100. These levels represent recent historical lows and psychological thresholds, and holding above them could provide a base for a future rebound.
On the upside, SHIB faces resistance near $0.00001199, which previously capped a failed rally. Additional resistance zones between $0.00001210 and $0.00001220 have also proven difficult to breach. Overcoming these resistance levels is necessary to shift the current bearish outlook. The intraday movement of SHIB shows a bearish tone, with price attempts to rally being quickly rejected, indicating that sellers are currently in control. Despite brief upward spikes, the overall daily trend continues downward, reflecting the cautious mood among traders.
Technical indicators for SHIB also point to a bearish outlook. The Relative Strength Index (RSI) stands at 42.41, indicating weak buying pressure while still remaining above the oversold territory. The flat-to-declining RSI trend suggests a lack of momentum from bulls, limiting upside potential in the near term. The Moving Average Convergence Divergence (MACD) supports this bearish narrative, with the MACD line slightly below the signal line and both in negative territory. The histogram is nearly flat, hinting at consolidation but offering no clear sign of an imminent bullish momentum shift.
Despite these challenges, SHIB has maintained its relevance and visibility in the market due to its strong community backing and continuous ecosystem developments. According to analyst data from $SHIB KNIGHT, SHIB has recently outperformed peers like PEPE and BONK, highlighting its continued relevance. However, the recent price action indicates that the token is facing short-term bearish pressure, prompting traders and investors to closely watch for key levels and possible trend reversals.
