Key Insights
- SHIB price struggled near the support zone of $0.00001300 and was trading in bearish momentum.
- The analyst warns of a significant drop with the crucial support of $0.000012 or $0.0000094.
Shiba Inu (SHIB) price has experienced bearish market conditions over the past few weeks. At the same time, it reached the crucial support zone of $0.00001300 and struggled to remain in positive territory.
At press time, SHIB price was trading at $0.00001354, noting an intraday rise of over 2.13% in the past 24 hours. Its market cap stood at $7.98 Billion and ranked 19th in the overall market.
Amidst the bearish price movements, analyst Ali Martinez has offered a bearish outlook on SHIB. He observed that Shiba Inu price recently experienced a double top formation. Moving ahead, the meemcoin could see a 28% decline ahead.
SHIB price has dropped due to market-wide negative pressure while Bitcoin price resets to 2024 lows below $90,000. The extended bear market affects all cryptocurrencies, including SHIB, and makes it prone to further depreciation.
What Does the Market Sentiment Says
Shibburn’s recent post on X revealed that about 389,189,413 tokens have been burned this month, with 134 transactions.
However, a drop in Shiba Inu price by over 71.5% was noted in the burn rate. This further highlighted that supply was stable, which could fuel a potential drop ahead.
Furthermore, the activity on the blockchain has seen a slowdown. Data from Shibariumscan highlighted a significant drop in new transactions in the past two weeks.
At press time, the total transaction count on Shibarium stood at 957.07 Million. However, the data showed that the daily transactions fell over 88%, dropping from 4M on Feb 16 to 2.3k.
This number highlighted the fewer transactions on Shibarium; the SHIB burn triggered by these transactions might have decreased. This led to a drop in SHIB price. Moving ahead, the on-chain signal data from Intotheblock highlighted a bearish outlook.
At press time, 13% of SHIB addresses were in the money, holding positions above the press time price of $0.00001350.
More than 85% of addresses were out of the money. This indicated that the majority of holders are still waiting to grab significant returns on their investments.
Shiba Inu Price Prediction: Is Further Decline Imminent?
Shiba Inu price has slipped below the key EMAs and is trading with bearish momentum. However, given the persistent uncertainty in the larger market and the supply available on the exchange, SHIB price could fall further.
Meanwhile, a rebound was also possible as it reached the accumulation area around $0.00001300. Analyst Rose Premium Signals highlighted that the buyers may step in and grab momentum.
If this happens, Shiba Inu price could see an upswing. The token may display a bullish momentum toward key resistance of $0.00004400 in the short term.
However, investors need to keep a close eye on the support level of $0.00001280. A break below the zone could lead to a further decline in SHIB price toward $0.00001200 and $0.00001160.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Ivan Petrov is a seasoned journalist with deep insights into Russia’s dynamic crypto landscape. His work focuses on market dynamics and the transformative potential of blockchain technology, making him a go-to expert for understanding Russia’s digital financial innovations.