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The Shiba Inu has faced consistent downward price action, with its value declining by more than 44% since hitting a local high in early December. This prolonged downtrend has left investors and traders wondering if the popular meme coin can recover or if more losses are on the horizon.
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Senior Analyst Ali Martinez highlighted the current price structure of the Shiba Inu, sharing a detailed technical analysis that identifies the most important support area for the asset between $0.0000215 and $0.0000193. According to Martinez, this range represents a critical battleground for SHIB. Staying above this support could pave the way for a significant rally, reigniting optimism among stockholders and signaling a potential reversal in sentiment.
However, failure to defend this critical zone may lead to deeper corrections, extending the bearish momentum that has dominated the market. Right now, all eyes are on the Shiba Inu as it experiences these pivotal levels. The token’s ability to stabilize and recover or succumb to further downward pressure will likely depend on broader market dynamics and the ability of the SHIB community and whales to support its price.
Shiba Inu Holding Main Order
The Shiba Inu remains a focal point for meme enthusiasts, attracting attention for its resilience and ability to make gains. Following a clean breakout following the election, the token has seen renewed interest from retail investors keen to identify a suitable entry point. The appeal of meme coins, combined with the Shiba Inu’s history of explosive rises, continues to make it a favorite speculative coin among traders.
Senior analyst Ali Martinez recently Highlight your Shiba Inu’s critical support area Between $0.0000215 and $0.0000193. Martinez’s technical analysis indicates that staying above this range is vital for the token’s price trajectory.
If SHIB maintains these levels, it could spark a wave of buying pressure as investors flock to take advantage of its expected upside potential. Stability within this region could serve as a springboard for future price increases, reigniting excitement across its loyal community.
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However, the risks are just as clear. The Shiba Inu’s momentum may be waning as attention shifts toward emerging meme currencies that promise quick wins or new narratives. Competing for attention in a crowded coin market is a constant challenge. To stay relevant, the Shiba Inu must leverage strong community support and strategic developments.
Technical Analysis: Key Levels to Watch
Shiba Inu (SHIB) is currently trading at $0.00002117, showing resilience by holding the 200-day moving average at $0.00002059 as a key support level. This development is important, as the 200-day moving average is widely considered a long-term strength indicator in technical analysis. Maintaining support above this mark indicates that SHIB may be preparing for a potential price rise. Promoting optimism among traders and investors.
The 200-day moving average often acts as a crucial dividing line between bullish and bearish trends. For SHIB, defending this level not only boosts market confidence but also paves the way for buyers to regain momentum. Sustained stability above the moving average could trigger a broader rally. It will likely push SHIB towards higher resistance levels and revive its appeal among meme enthusiasts.
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Failure to hold the $0.00002059 mark could trigger a deeper correction, with the price potentially falling back to the $0.000015 support area. Such a move would indicate weak sentiment and may prevent investors from entering into new positions.
Featured image by Dall-E, chart from TradingView