Shiba price weakens with trend break, now at $0.00002178
SHIB price dynamics
Shiba Inu (SHIB) is currently trading at $0.00002178, having broken through the floor of its rising trend channel in the medium to long term.
This signals a potential slowdown in its upward momentum or the beginning of horizontal price movement. SHIB is testing critical support at $0.00002287, which may provide a positive reaction. However, a confirmed break below this level would signal further weakness, with the next major support at $0.00002038.
SHIB price dynamics (December 2023-December 2024). Source: TradingView.
Volume analysis shows a strong correlation between volume tops and price tops, as well as volume bottoms and price bottoms. This pattern suggests that the recent trend break may lack conviction, leaving room for potential recovery if buying interest increases.
However, caution is warranted, as the Relative Strength Index (RSI) is currently trending downward. This could be an early indicator of declining momentum and the start of a sustained downtrend for SHIB.
Fibonacci analysis reinforces the importance of the $0.00002287 support, as it aligns with critical retracement levels. A sustained rebound from this level could set SHIB back on a positive trajectory, targeting resistance near $0.00002400. Conversely, a breach of $0.00002038 would likely confirm bearish sentiment, potentially driving prices lower. Traders should monitor these key levels and RSI movements for signs of the next major move.
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.
