Major SHIB Price Decline: What’s Happening?

Shiba Inu (SHIB) has become a puzzling puzzle for traders, grappling with its uncertain price movements. For the past six months, this cryptocurrency has been navigating a narrow trading range, presenting unique opportunities for savvy traders.

Market Overview: What the Numbers Say

Recent data from CoinMarketCap reveals a staggering 18.8% drop in the memecoin market capitalization over the last month. While Shiba Inu has shown signs of bearish trends on short timeframes, overall buying pressure remains, albeit weak.

Where Does SHIB Go From Here?

As SHIB dips below key mid-range levels, investors are pondering the next steps. The primary support levels identified on the 1-day chart are at $0.00001765 and $0.00001028. Recent tests have pushed the mid-range level of $0.00001328 to act as a barrier, suggesting potential further declines.

Analyzing Short-Term Trends: A Closer Look