Shiba Inu (SHIB) price has been struggling near key support after recent market corrections. The token has been trading below a critical level, reflecting ongoing volatility. SHIB dropped from its December peak of $0.0000329 and remains in a downward trend. Analysts predict a possible rebound, but market conditions suggest uncertainty about its next direction.
Shiba Inu Price Analysis: What’s Next for SHIB in the Market?
Shiba Inu price dropped sharply as the broader meme coin market faced losses. After a strong start to March, assets like Dogecoin and SHIB saw a downturn. This decline pushed Shiba Inu lower in market rankings, reflecting the overall weakness in the crypto sector.
Meme coins, including Dogecoin, WIF, PENGU, BONK, and PEPE, have recorded notable price decreases. The trend follows the broader market correction affecting digital assets. Shiba Inu’s price movement has been in line with this sentiment, signaling uncertainty among traders.
Despite the slump, three potential catalysts could boost SHIB’s price. The most significant factor is its rising burn rate. On March 8, the daily burn rate surged by 3,250% to 29 million tokens. Since its inception, over 410 trillion SHIB tokens have been removed from circulation, reducing supply to 584 trillion.
Analyst Predicts Shiba Inu Breakout With 422% Surge
Crypto analyst reports indicate that the SHIB price may have broken out of a Falling Wedge pattern. The breakout suggests a potential price surge, with projections hinting at a significant increase. Analysts highlight that if momentum sustains, the asset could experience a rise exceeding 422%, targeting $0.00008841.
Market sentiment around Shiba Inu remains strong, with traders monitoring technical signals. The meme-based asset has drawn attention amid discussions about its bullish trajectory.
SHIB Price Dips; Key Levels To Watch
As of 9th March, the SHIB price is trading at $0.00001254, reflecting a 0.40% decline over the past 24- hours.
The price remains within a narrow range as bearish sentiment persists. Key support is holding near $0.00001, while resistance sits around $0.000015. SHIB has struggled to break past these levels, signaling weakened momentum.
The MACD indicator shows a negative trend, with the MACD line hovering below the signal line. The histogram reveals growing red bars, indicating selling pressure. If the MACD line fails to cross above the signal line, downward movement may continue.
The RSI stands at 33, moving closer to the oversold zone. This suggests weak buying momentum.
Shiba Inu price prediction remains confined to a tight price channel, failing to establish a strong upward trend. The recent drop signals continued weakness, with buyers hesitant to step in. A breakout above $0.000015 may shift momentum toward bullish territory, while a fall below $0.00001 could extend losses. A sustained move above $0.000015 could open doors for bullish to target $0.000018 and $0.00002 resistance levels.
Source: TradingView
To sum up, the Shiba Inu price remains under pressure, struggling to hold key support. Analysts observe mixed signals, with traders closely watching technical indicators. The market’s next move will determine if SHIB rebounds or continues its decline.
The post Shiba Inu Price Battles Key Support: Will SHIB Rebound or Decline Further? appeared first on CoinGape.
