Shiba Inu price faces bearish pressure after breaking key support
The current price of SHIB stands at $0.00002778
Shiba Inu (SHIB) continues to trade within a rising trend channel in the medium to long term, signaling growing investor optimism and expectations of further upward movement.
However, recent price action has raised concerns as SHIB broke below the key support level at $0.00002860. The current price of SHIB stands at $0.00002778, reflecting ongoing bearish pressure.
The breakdown of this support level is a significant technical event, as it now acts as a resistance point. For SHIB to regain its bullish momentum, it must reclaim this level, or further downside could be expected. If SHIB fails to break back above $0.00002860, it could signal increased selling pressure, potentially leading to a deeper correction.
SHIB price dynamics (December 2023-December 2024). Source: TradingView.
Volume analysis reveals that SHIB has historically experienced higher volume at price tops and lower volume at price bottoms. This pattern supports the continuation of the rising trend, but the current breakdown poses a threat to the bullish outlook.
While SHIB remains within a rising channel, the immediate focus is on its ability to reclaim the $0.00002860 resistance. If positive sentiment returns and volume increases, SHIB could resume its upward trajectory. However, failure to overcome this resistance may result in further declines as bearish sentiment grows.
The rise in active wallets for XRP, SHIB, and BAND reflects a growing retail and institutional interest in crypto. As market dynamics evolve, these developments may drive further innovation and adoption, strengthening the resilience of these altcoins.
