Following an impressive weekly surge in the meme coin market, Shiba Inu prepares for a significant comeback on the price chart. However, over the last few days, SHIB’s price has been declining due to market-wide selling pressure.
SHIB Challenges Amid Market and Bearish Pressure
In the past 24 hours, the price of SHIB has repeatedly been rejected, leading to a spike in liquidations amounting to $1.2 million, with long liquidations accounting for the majority. This trend highlights a strong bearish presence on the SHIB price chart.
Key Support Levels for Shiba Inu
On-chain data indicates a major support level for Shiba Inu involving about 55 trillion tokens. A significant number of purchases was made in the price range of $0.000024 to $0.000025, held by approximately 40,000 to 56,000 addresses. This support level is crucial for the stability and potential rebound of Shiba Inu's price. In technical terms, this cluster of 55 trillion SHIB acts as a protective barrier.
Future of SHIB Price
Shiba Inu has managed to stay above the 200-day EMA ($0.000022), although the bulls are finding it challenging to initiate a strong recovery. The first indication of strength will be a closing price above $0.000026. If this occurs, the SHIB/USDT pair could rise to $0.000030. Conversely, if the price falls below the 200-day EMA, the pair might drop to $0.000016.
Analysts emphasize that although the current market situation for Shiba Inu appears unstable, the potential for growth remains if key resistance levels are breached.
