The memecoin market has dropped 12%, now valued at $97 billion. Shiba Inu ( $SHIB ) has faced a 6.34% dip in the last 24 hours, trading at $0.00001788. Despite the downturn, SHIB regained its spot as the second-largest memecoin by market cap, overtaking Official Trump ( $TRUMP ).
๐ SHIB Price Action and Technical Analysis
SHIB is trading below critical support at $0.00002097, now acting as resistance. Key support levels lie at $0.00001988 and $0.00001850, with a potential bearish target at $0.00001450. Moving averages confirm bearish momentum, with SHIB below both the 50-day ($0.00002283) and 200-day ($0.00002192) averages.
๐ RSI Signals Potential Bounce
The RSI sits at 32.98, nearing oversold territory. While this indicates a possible price rebound, broader market sentiment will determine the strength and sustainability of any recovery.
โ๏ธ Comparing SHIB to Other Memecoins
SHIBโs resilience is notable, reclaiming its rank despite the memecoin marketโs 12% decline. With a $1.5 billion market cap, SHIB outperformed many assets, including Dogecoin and TRUMP. However, declining speculative activity highlights the sectorโs vulnerability.
๐ Critical Levels to Watch
Support at $0.00001850 is key to preventing further losses. Resistance at $0.00002097 and $0.00002200 must be breached for SHIB to signal recovery. A breakdown below $0.00001850 could lead to a drop toward $0.00001450.
โ ๏ธ Disclaimer:
This post is for informational purposes only and does not constitute financial advice. Always evaluate market risks before investing.
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