According to U.Today, the price of the popular meme cryptocurrency Shiba Inu (SHIB) has been on a downward trajectory for the second consecutive week. Following a brief bullish rally in mid-July, the price of SHIB failed to maintain its position above the key level of $0.0000183 and began to decline on July 22. Since then, the token's value has dropped by more than 22%, reaching $0.0000142. This decline raises concerns that the SHIB price could face further downside if bullish investors do not intervene soon to support the cryptocurrency.

Examining the SHIB price chart reveals that it is currently holding at a significant support level. However, historical data shows that the Shiba Inu token has experienced similar declines in the past, often falling to the $0.000011 price level. While it is challenging to predict the future price movements of SHIB with certainty, historical trends indicate that the cryptocurrency has closed the month of August on a bullish note in previous years.

Another factor to consider is the concentration of tokens in nearby price zones. Data from IntoTheBlock indicates that there are 38.1 trillion SHIB tokens concentrated around the $0.000014 level, where the cryptocurrency is currently trading. This concentration provides strong support but also poses the risk of creating a sell wall if a significant portion of these tokens is sold off.

In summary, the Shiba Inu token is facing a critical juncture as it struggles to maintain its value amid market uncertainty. The coming weeks will be crucial in determining whether SHIB can recover or if it will continue to decline.