HomeNewsShiba Inu (SHIB) Drops 72%: Market Analysis and Future Projections

Shiba Inu (SHIB) Drops 72%: Market Analysis and Future Projections

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  • Shiba Inu (SHIB) has plummeted by 72% from its recent peak, now trading around $0.000016.
  • Market indicators suggest potential further declines, with key support and resistance levels identified.

Shiba Inu Faces Significant Price Correction: An Expert Analysis

Shiba Inu (SHIB) has experienced a dramatic price correction, falling 72% from its recent peak of $0.000045 to approximately $0.000016. This notable drop raises critical questions about the cryptocurrency’s future and the market forces at play.

Shiba Inu Price Analysis (SHIB)

Shiba Inu experienced a meteoric rise, skyrocketing from $0.0000095 to $0.000045 in less than two weeks. This 390% increase was driven by high token burns and a surge in liquidity towards meme coins. However, the uptrend could not sustain, and SHIB’s price has since corrected to its current level around $0.000016.

The recent drop has brought SHIB below both its 50-day and 200-day moving averages, casting doubt on its mid-to-long-term bullish outlook. Current technical indicators and oscillators suggest continued downward momentum, pointing to the next support level around $0.000011.

Market Sentiment and Derivatives

Open interest in SHIBUSDT contracts is at its lowest since February, indicating a decline in speculative interest. Liquidations have been minor, suggesting a healthy decline, though there has been some subtle liquidation of short positions following SHIB’s latest rebound.

Funding rates for SHIBUSDT are oscillating between positive and negative, showing a balanced interest between buyers and sellers. The three-month liquidation heatmap reveals that the liquidation zone above $0.016 has been breached without significantly impacting demand, which continues to drive SHIB’s price downward.

Potential Price Movements

For SHIB to regain upward momentum, it must hold above $0.000012. If it does, a return to $0.000019 could be anticipated, with the next resistance around $0.000020 to $0.000021. If SHIB rises above $0.000028, it would signify a 73% increase.

Conversely, if SHIB fails to stay above $0.000012, the price could drop to $0.000011, with further support at $0.0000096 and $0.0000086, representing a potential 47% decline.


The recent fluctuations in Shiba Inu‘s price highlight the importance of monitoring key support and resistance levels. While the long-term outlook might still hold promise, the short-term trend remains bearish. Investors should stay vigilant for potential market shifts and false breakouts that could impact SHIB’s trajectory.

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Marcel Knobloch
Marcel Knobloch
Marcel is the managing partner of ETHNews and is also known as Collin Brown in the crypto community. He is a seasoned Bitcoin investor who entered the crypto scene during its early stages and has since become a veteran trader in both the cryptocurrency and forex markets. His journey began in 2012 when he made his first investment in Bitcoin, marking the beginning of his deep-rooted passion for blockchain technology and digital assets. With a mission to demystify the intricacies of blockchain for the masses, Marcel endeavors to bring the world of cryptocurrencies closer to everyone. His insightful reports are dedicated to shedding light on the latest developments and innovations within the realms of Bitcoin, Ethereum, Ripple (XRP), IOTA, VeChain, Cardano, Hedera, and numerous other cryptocurrencies. Marcel's in-depth analysis and commitment to providing accessible information make him a trusted source for both novice and experienced crypto enthusiasts. Marcel's academic background includes a Master's Degree in Business Education, which has equipped him with a solid foundation in financial markets and investment strategies. Over the past decade, he has amassed invaluable experience working with various startups across the globe, enriching his knowledge and understanding of the ever-evolving cryptocurrency landscape. With his wealth of expertise and dedication to empowering others with crypto knowledge, Marcel continues to be a driving force in the cryptocurrency community. Business Email: [email protected] Phone: +49 160 92211628