📉 SHIB Drops Amid Market Downturn
Shiba Inu ( $SHIB ) has fallen 10% over the past week, aligning with broader crypto market declines as Bitcoin dipped below $94k. Currently trading at $0.0000216, SHIB breached key support levels, raising concerns about further losses in January.
📊 Market Sentiment Turns Bearish
The global crypto market cap stands at $3.24 trillion, down 3.12% in 24 hours. Trading volumes have also decreased 10%, reflecting bearish sentiment driven by anticipated tighter U.S. Federal Reserve policies. Meme coins like Dogecoin, WIF, and Pepecoin face similar downward trends, adding pressure on SHIB.
🔥 SHIB Token Burn Offers Optimism
Over 8.7 million SHIB tokens were burned in the last 24 hours, reducing the circulating supply to 584 billion tokens. To date, 410 trillion tokens have been permanently removed, strengthening the ecosystem’s foundation. Despite the burn, bearish market conditions weigh heavily on SHIB’s price.
📈 SHIB Price Analysis and Key Levels
The RSI at 37.67 nears oversold territory, hinting at potential support. Resistance lies at $0.00002600—a break above could trigger bullish momentum. However, if the current descending channel persists, SHIB could drop to $0.00002000, a 28% decline from its current price.
🔮 Conclusion
Shiba Inu’s price depends on broader market trends, particularly Bitcoin’s performance. If BTC continues to fall, SHIB may follow, potentially testing lower support levels in January.
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