Shiba Inu Faces Key Technical Levels Amid 21% Drop and Mixed Market Signals

The Shiba Inu (SHIB) token is currently at a pivotal moment, with mixed signals emerging from both the broader cryptocurrency market and its specific price movements. As of August 3, SHIB is trading at $0.00001218 [1], having experienced a 1.18% increase in the last 24 hours [1]. However, the overall market environment remains bearish, with most major cryptocurrencies showing downward trends. Bitcoin, Ethereum, and XRP have fallen by 3%, 8%, and 10% respectively over the past week, while SHIB has seen a 21% drop in the last 10 days [2]. The downturn has been attributed to renewed U.S. tariffs affecting Asian markets, which have sparked concerns over inflation but also speculation about long-term U.S. economic benefits [2].

From a technical analysis perspective, SHIB’s price action has shown both caution and potential. On the hourly chart, the token attempted a breakout of the $0.00001223 resistance but failed, suggesting a lack of immediate bullish momentum [1]. On the daily chart, SHIB has once again bounced off the $0.00001173 resistance, failing to sustain gains [1]. Analysts are closely watching whether the daily bar closes above $0.00001220, as this could signal a continuation of the upward move toward $0.00001250 [1]. Conversely, a breakdown below the $0.0000118 support level could lead to a retest of the $0.0000114 area [2].

Longer-term projections are varied. CoinCodex forecasts a potential price range of $0.00001222 to $0.00001723, representing a possible 42.52% increase [3]. Another analyst has identified two bullish patterns that, if confirmed, could push SHIB as high as $0.0000239 [6]. However, these forecasts remain speculative and depend on SHIB’s ability to maintain key support levels and attract renewed retail interest.

Despite the bearish pressure, SHIB is supported by a strong and loyal holder base. The token currently exhibits a 96% retention rate on Coinbase, with an average holding period among the longest in the industry [2]. This level of conviction suggests that long-term investors remain confident in SHIB’s future, even as the market remains cautious.

Retail participation has, however, slowed. New wallet addresses interacting with SHIB have dropped by 40% [2], a sign of reduced investor activity. Fear and greed metrics have settled at a neutral 48, indicating a balanced but watchful market [2]. Nevertheless, some investors are using the current downturn to accumulate SHIB and other high-risk, high-reward assets. This includes new projects like Snorter Token (SNORT), a Solana-based trading bot that raised $2.8 million in its presale [2].

In summary, SHIB is navigating a critical phase in its price action, with key technical levels under observation and a mixed macroeconomic backdrop. While short-term bearish pressure is evident, long-term holders remain optimistic. Analysts are split between cautious optimism and more aggressive bullish forecasts, with technical indicators and whale activity pointing to potential for a rebound. Investors are advised to closely monitor price movements at key support and resistance levels and consider both established and emerging speculative assets in their strategies.

Sources:

[1] SHIB Price Prediction for August 3 (https://u.today/shib-price-prediction-for-august-3)

[2] Shiba Inu Price Prediction: $SHIB Drops Amid Slowing ... (https://en.cryptonomist.ch/2025/08/03/shiba-inu-price-prediction-shib-drops-amid-slowing-new-investor-interest/)

[3] Shiba Inu (SHIB) Price Prediction 2025, 2026-2030 (https://coincodex.com/crypto/shiba-inu/price-prediction/)

[6] Analyst Predicts Recovery as Whales Purchase 400B SHIB ... (https://coingape.com/markets/shiba-inu-price-prediction-analyst-predicts-recovery-as-whales-purchase-400b-shib-despite-crashing-price/)