📉 $SHIB Loses Ground Amid Trump Token Mania
Shiba Inu (SHIB) dropped 5% to $0.000022 on January 19, shedding $700M in market cap. This decline followed Donald Trump’s memecoin launch, with the $TRUMP token surging 131% in 24 hours and hitting a $12.5B valuation. As speculative traders flocked to Trump-linked tokens, SHIB faced intense selling pressure, reflecting a shift in memecoin dynamics.
📊 Legacy Memecoins Lose Market Share
While the memecoin market grew 1.4% to a $130B cap, legacy tokens like SHIB, Dogecoin ($DOGE ), and Pepe (PEPE) suffered losses. DOGE dipped 0.5%, PEPE fell 5.8%, and SHIB struggled to retain investor interest. The $ TRUMPtoken dominated market discussions, leading triple-digit gains and drawing funds from established assets.
💡 Support at Risk as Bears Take Control
SHIB’s price faces further downside as it nears the $0.000021 support level. A breach of the Bollinger Bands (BB) midline at $0.00002242 suggests bears are testing critical levels. If this fails, SHIB could drop to psychological support at $0.00001800. The RSI at 45.52 trends below neutral, signaling weakened bullish momentum.
📈 Potential Upside Requires Strong Volume
For a bullish reversal, SHIB must reclaim $0.00002242 and target the upper BB at $0.00002470. This would need increased trading volume and positive RSI divergence. Until such signals emerge, SHIB remains cautiously bearish in the short term.
⚠️ Disclaimer
This analysis is for informational purposes and does not constitute financial or trading advice. Always do your research before investing.
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