Within the memecoin market, there has been a significant drop in the last day, with the total market valuation currently standing at around $97 billion. Shiba Inu [SHIB], a major player in this domain, has also recorded substantial losses.
Despite this, SHIB has managed to regain its status as the second-largest memecoin by market capitalization, surpassing Official Trump [TRUMP].
SHIB Price Movement and Technical Evaluation
At the time of writing, Shiba Inu was priced at $0.00001788, reflecting a 6.34% decrease over the past 24 hours. The broader market downturn in memecoins has contributed to the downward trend.
An in-depth technical analysis of SHIB has outlined key levels that traders should monitor closely.
The use of Fibonacci retracement levels has pointed out important support and resistance zones for SHIB.
The 0.618 Fibonacci level at $0.00002097 previously served as significant support but has now turned into a barrier. This makes the forthcoming major support rest at the 0.786 Fibonacci level of $0.00001988, with additional support at $0.00001850.
If the selling pressure continues, a potential bearish target is identified at the 1.618 Fibonacci extension at $0.00001450.
Crossing over to moving averages, they further confirm the bearish stance. The 50-day moving average settled at $0.00002283, while the 200-day moving average sat at $0.00002192.
Currently, SHIB is trading below both averages, signaling ongoing downward momentum and a lack of bullish activity.
The widening gap between these two averages implies a persistent bearish sentiment, with no immediate prospects of a rebound.
Analysis using the Relative Strength Index (RSI) has shown that SHIB, with an RSI of 32.98, is nearing oversold territory.
Although this could suggest a potential price uptick, the strength and sustainability of any recovery will be influenced by broader market conditions and sentiment.
Comparing SHIB with Other Memecoins
Memecoins, collectively, have experienced a turbulent period, experiencing a 12% market cap decline within the last day. SHiba Inu’s 12% dip over the past week aligns with this overall trend.
Despite this, SHIB has showcased resilience by reclaiming its spot as the second-largest memecoin by market capitalization, surpassing Official Trump.
Even in the face of a general market slump, SHIB’s ability to maintain a market cap of $1.5 billion underscores its strength and sustained investor interest.
Nonetheless, the decrease in speculative interest across memecoins suggests waning enthusiasm, with top assets like Dogecoin [DOGE] and Official Trump also facing significant losses.
This broader downturn highlights the sector’s susceptibility to shifts in market sentiment.
Key Levels for SHIB Observers
The ongoing price action of Shiba Inu holds significance. Immediate support at $0.00001850 will play a crucial role in determining its next moves.
A breach below this level could trigger further declines, with $0.00001450 emerging as a potential downside target.
On the positive side, the resistance levels at $0.00002097 and $0.00002200 carry importance. A breakout above these levels could indicate a change in momentum and potentially mark the start of a recovery.