- Shiba Inu displayed a 15% decline over the last 24 hours, dropping to $0.00003126.
- The daily trading volume of SHIB experienced a 63% decrease in a day.
The leading memecoin, Shiba Inu (SHIB), is currently facing a tricky situation as its price hints at a potential downturn. While the major cryptocurrencies are experiencing a slight decline, SHIB’s recent performance suggests a significant challenge ahead.
Over the last 24 hours, SHIB has witnessed a decline of over 25%, bringing its price from $0.00003708 to $0.00002944. At the time of writing, Shiba Inu traded at $0.00003207 with a market cap of $4.5 billion. This drop in SHIB’s price was accompanied by a substantial decrease in trading volume, which has fallen by 63% to $4.8 billion. Such a sharp decrease in both price and trading activity indicates a possible loss of investor confidence or a buildup to a significant sell-off.
The future of Shiba Inu’s price depends on its ability to maintain crucial support levels. If the price dips below the key support level of $0.000025, which triggered its recent peak gains, it could signify the end of the current bull rally and potentially trigger a bear market sentiment for SHIB.
However, if SHIB manages to reclaim strength and recover, it may aim for immediate resistance at $0.000035. A successful breach of this level could pave the way for further rallies, potentially propelling the price towards $0.000038 and even $0.000045.
