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Shiba Inu (SHIB), the popular memecoin, is facing mounting bearish pressure as the broader crypto market remains mired in uncertainty. At press time, SHIB had slipped 3.50% over the past 24 hours, trading near $0.0000119, accompanied by a 17% decline in trading volume—signaling waning interest among both retail and institutional players.
The bearish trend is further validated by technical indicators. According to AMBCrypto’s analysis, SHIB has been trapped in a descending channel pattern since December 2024, consistently forming lower highs and lower lows. Although the token recently attempted a breakout during a brief market recovery, it failed to sustain upward momentum and now hovers near the channel’s upper boundary—historically a trigger point for downward reversals.
If SHIB fails to break through this resistance, analysts warn of a potential 30% plunge, with the price possibly retreating to $0.0000084—the lower boundary of the descending channel. The risk is exacerbated by declining volume, which makes SHIB more susceptible to sharp dips in the face of broader market sell-offs.
Adding to the bearish narrative, SHIB is currently trading below both the 50-day and 200-day Exponential Moving Averages (EMAs), signaling a lack of bullish momentum. For any shift in sentiment, a daily close above $0.0000128 or a broader market recovery would be necessary.
Market data from Coinglass paints a similarly grim picture. SHIB’s Long/Short Ratio stands at just 0.615, with 61.91% of top traders holding short positions. Longs amount to only $375K compared to $952K in shorts, suggesting short sellers are firmly in control.
Key trading zones to watch include $0.0000117 as immediate support and $0.00001245 as resistance. Unless sentiment improves quickly, Shiba Inu may continue its downward slide—driven largely by bearish traders capitalizing on market weakness.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Shiba Inu Whale Activity Surges 173% as SHIB Faces Key Price Test at $0.000012
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
