Shiba Inu Battles to Hold Key Support at $0.000012 as Memecoin Cap Takes a 26% Dive
The market capitalization of Meme Coins has experienced a significant drop from $50.73B to $37.41B in the span of 30 days, marking a 26.25% decrease. Amid this decline, Shiba Inu has shown a substantial correction rally compared to other top meme tokens such as DOGE and PEPE, with a 19.44% drop and 40.51% drop in 30 days, respectively. Shiba Inu has experienced a 31.43% drop and is currently trading at $0.00001339, reflecting a 1.75% decrease in the past 24 hours.
SHIB Token Multiple Support Levels
The SHIB token price has broken through multiple support levels and is currently struggling to maintain dominance above $0.000012 while attempting to avoid a correction to $0.000010. The question arises whether the meme coin will survive this broader market correction.
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Analyzing the 4-hour chart, we observe a strong resistance trendline controlling bullish reversals, while a short-term support trendline has confined Shiba Inu within a falling channel pattern. The strong resistance trendline has a broader history, increasing the likelihood of breaching $0.00001289 in the next negative cycle. Additionally, a massive bearish engulfing candle of 3.72% has formed at 1600 hours UTC, followed by a 1.98% price jump in the past 12 hours, minimizing the damage to 1.75% in the past 24 hours.
Technical Analysis
Using Fibonacci levels in the 4-hour chart, we find that Shiba Inu is currently consolidating in a sideways movement, with the bottom support at the 23.60% Fib level at $0.00001289 and a struggle to assert dominance above the 38.20% Fib level at $0.00001401. A potential breakout rally could surpass the 50% Fib level at $0.00001498 and reach the 78.60% Fib level at $0.00001763. Conversely, a breakdown at the 23.60% Fib level could lead to a significant drop in the meme coin’s value.
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