Shiba Inu (SHIB) continues to struggle as selling pressure weighs heavily on its price. Over the past 24 hours, SHIB has fallen by 2.2%, adding to its seven-day loss of 13.7%. The token has also dropped 18.1% in the last two weeks and 19.7% over the past month. More concerning is its long-term decline, with SHIB losing 64.9% of its value over the past year, reflecting persistent bearish sentiment.
Is Shiba Inu a Good Buy Now?
Currently, SHIB is trading around $0.00001231 after briefly dipping to $0.00001155, where it found temporary support before rebounding. This price action aligns with broader market weakness, making it difficult for SHIB to maintain bullish momentum.
Crypto analyst The Hunters_Company recently pointed out that SHIB had been trading within a falling wedge pattern—a bullish reversal structure. In early 2024, SHIB broke out of this pattern, leading to a strong rally. However, the token has since corrected back to key support levels, placing it within a potential buying opportunity zone.
Key Resistance Levels and Price Targets
For SHIB to regain bullish momentum, it must overcome critical resistance levels. The first significant resistance stands at $0.00001693. A breakout above this level could signal a stronger uptrend. Further resistance lies at $0.00002485, a crucial mid-term barrier. If SHIB surpasses this level, it could climb toward $0.00004022, a previous high. Fibonacci projections suggest a long-term target of $0.00007380.
Market Outlook and Shibarium’s Role
Despite current struggles, some analysts remain optimistic about SHIB’s long-term prospects. Crypto educator Davinci Jeremie has expressed confidence in the token’s potential this cycle but warns against expecting extreme gains.
A crucial factor in SHIB’s future is Shibarium, its layer-2 blockchain designed to enable low-cost transactions. However, Jeremie noted that Shibarium lacks real-world applications that could drive SHIB adoption. If the development team introduces more practical use cases, SHIB’s price could see substantial growth.
Also Read: Shiba Inu (SHIB) Exchange Supply Hits 3-Year Low – Is a Major Breakout Coming?
For now, Shiba Inu remains in a precarious position, with investors watching key support and resistance levels closely.
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.
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