- SHIB’s price neared critical support at $0.000012, risking a drop to $0.0000094 if sellers persist.
- Shiba Inu’s 24-hour burn rate surged to 4,137.17%, reducing supply—could this trigger a price rebound?
Shiba Inu [SHIB] is nearing critical support levels as selling pressure continues. The memecoin has experienced a sharp decline, dropping 10.85% in the last 24 hours and 15.49% over the past week, bringing its price to $0.00001314.
Analysts have identified $0.000012 and $0.0000094 as key levels where buyers could step in to prevent further losses.
SHIB’s key support and resistance levels
SHIB’s price action suggests a weakening trend, with major resistance between $0.000022–$0.000027, where previous attempts to break higher failed.
The 0.618 Fibonacci retracement level at $0.00001434 is currently in play. If it fails, $0.000012 aligns with the 0.786 Fibonacci retracement, making it a crucial level to watch.
If selling pressure intensifies, SHIB could drop to $0.0000094, marking a full retracement of its early 2024 rally.
Analysts suggest that a bounce from $0.000012 could indicate renewed accumulation, while a break below this level may confirm further downside. The market will closely monitor trading volume and whale activity to determine the next move.
Market sentiment and technical indicators
Technical indicators reinforce SHIB’s bearish sentiment. The Parabolic SAR shows downward pressure, with its dots above the price, signaling continued weakness.
The Stochastic RSI at 36.38 suggests weak momentum but is attempting a reversal. This indicates that oversold conditions could attract buyers.
Source: TradingView
The Aroon Up indicator was at 78.57%, reflecting a fading bullish trend. Meanwhile, Aroon Down at 0% suggests minimal immediate selling strength, but if it rises, it could confirm increasing bearish momentum.
Declining exchange reserves and network activity
According to CryptoQuant data, SHIB’s Exchange Reserves have dropped to 95.5T, meaning fewer tokens are available for sale on exchanges.
This could indicate that holders are moving their assets to private wallets, suggesting potential accumulation. If this trend continues, it may support a price stabilization in the long term.
Source: CryptoQuant
SHIB’s active addresses have also declined, currently around 4K, reflecting decreased network engagement. While occasional spikes indicate short-term trader interest, sustained activity is necessary for a stronger price recovery.
SHIB burn rate surges over 4000%
A recent AMBCrypto report revealed that Shiba Inu’s 24-hour burn rate surged by 4,137.17%, removing a substantial number of tokens from circulation. This reduction in supply could influence future price movements if demand rises.
SHIB remains at a crossroads, with traders watching whether it can hold $0.000012 or if further downside toward $0.0000094 is inevitable.
The coming days will be crucial in determining the next trend for the memecoin.
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