Market Alert: Shiba Inu Faces Critical Support Test
Shiba Inu (SHIB) is facing a decisive moment as bears push the popular meme coin toward a critical support level at $0.00001272. This price action comes amid increasing selling pressure and declining buying interest, raising concerns about a potential breakdown that could trigger a significant market correction.
In a development that parallels recent meme coin volatility, similar bearish pressure has been observed in Dogecoin’s network activity, suggesting broader weakness in the meme coin sector.
Technical Analysis Points to Increased Bearish Pressure
Key technical indicators paint a concerning picture for SHIB holders:
- Price trading below the 100-day Simple Moving Average (SMA)
- MACD indicator showing growing bearish momentum
- Histogram expanding in the negative zone
- Multiple failed attempts to reclaim higher levels
Critical Support Levels to Watch
Two crucial price levels are now in focus:
- Primary Support: $0.00001272 – Current critical support level
- Secondary Support: $0.00000847 – Strong demand zone for potential recovery
Market Implications and Future Outlook
The current market structure suggests two potential scenarios:
- Bearish Case: A breakdown below $0.00001272 could trigger accelerated selling, potentially leading to a test of the $0.00000847 support level.
- Bullish Case: A successful defense of current support could initiate a recovery rally, but would require reclaiming the 100-day SMA for confirmation.
Traders should maintain strict risk management given the heightened volatility and uncertain market conditions. The next 24-48 hours could prove crucial for SHIB’s short-term price direction.