Shiba

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Shiba Inu

<ul> 
 <li><strong>Shiba Inu (SHIB) has plummeted by 72% from its recent peak, now trading around $0.000016.</strong></li> 
 <li><strong>Market indicators suggest potential further declines, with key support and resistance levels identified.</strong></li> 
</ul>  
<h2 id="shiba-inu-faces-significant-price-correction-an-expert-analysis">Shiba Inu Faces Significant Price Correction: An Expert Analysis</h2> 
<p><a href="https://www.ethnews.com/dogecoin-doge-and-shiba-inu-shib-are-losing-their-appeal-as-traders-seek-out-tokens-with-utility/">Shiba Inu</a> (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.</p> 
<h2 id="shiba-inu-price-analysis-shib">Shiba Inu Price Analysis (SHIB)</h2> 
<p><a href="https://www.ethnews.com/memecoin-rockets-here-are-3-meme-coins-to-rally-this-cycle-pepecoin-mpeppe-shiba-inu-shib/">Shiba Inu</a> 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.</p> 
<p>The recent drop has brought <a href="https://www.ethnews.com/shiba-inu-vs-mpepe-which-cryptocurrency-will-dominate-in-2024-mpeppe-euros-gambling/">SHIB</a> 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.</p> 
<h2 id="market-sentiment-and-derivatives">Market Sentiment and Derivatives</h2> 
<p>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 <a href="https://www.ethnews.com/is-shiba-inus-shib-popularity-waning-robinhoods-recent-transfer-sparks-speculation/">SHIB</a>’s latest rebound.</p> 
<p>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 <a href="https://www.ethnews.com/shiba-inu-faces-increased-scam-activity-essential-security-tips-for-investors/">SHIB</a>’s price downward.</p> 
<h2 id="potential-price-movements">Potential Price Movements</h2> 
<p>For <a href="https://www.ethnews.com/ethereum-price-prediction-savvy-investors-opt-for-recq-presale-ahead-of-peaked-shiba-inu/">SHIB</a> 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.</p> 
<p>Conversely, if <a href="https://www.ethnews.com/remembering-kabochan-the-real-life-shiba-inu-that-sparked-the-dogecoin-phenomenon/">SHIB</a> 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.</p> 
<h2 id="conclusion">Conclusion</h2> 
<p>The recent fluctuations in <a href="https://www.ethnews.com/shiba-inu-surges-20-post-bitcoin-halving-can-shib-hit-0-0001/">Shiba Inu</a>‘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.</p> 
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<p>The post <a href="https://www.ethnews.com/shiba-inu-shib-drops-72-market-analysis-and-future-projections/">Shiba Inu (SHIB) Drops 72%: Market Analysis and Future Projections</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.</p>

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

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