In the market's volatility, Shiba Inu's price faces a delicate balance. SHIB hovers near key support levels, indicating a possible recovery or further decline.

In the past week, under a bearish trend, Shiba Inu's price has dropped significantly, as it is a popular meme-based cryptocurrency. Despite a slight market rebound, SHIB's price trend indicates it still has growth potential as it hovers near key support levels. Meanwhile, Bitcoin has dropped below $95,000, leading to a general decline in the cryptocurrency market and raising concerns about stability amid ongoing volatility.

Will Shiba Inu's price recover or break below the support line?

A cryptocurrency analyst posted on Twitter about the potential movements in Shiba Inu's price and highlighted key support levels. According to the analyst, Shiba Inu must maintain this support level to pave the way for a potential substantial price increase.
The tweet highlights a chart showing the key level support area that SHIB is currently testing. Historically, this support area has been a critical point for price stabilization, marking a potential reversal area for the cryptocurrency. If the price stays at this level, the analyst predicts a significant increase may occur.

Shiba Inu's price has significantly dropped from recent highs, reflecting the overall cautious attitude in the cryptocurrency market. In the past week, meme-based cryptocurrencies have seen sharp declines, hitting a low of $0.0000185 during Friday's trading. However, a rebound followed, pushing the price up to $0.000024 on Saturday, before encountering resistance at this level. The rebound then lost momentum.

Meanwhile, most cryptocurrencies are in a loss state as Bitcoin pulls back after nearing the $100,000 mark. The decline in Bitcoin negatively impacts the entire cryptocurrency market, including Shiba Inu. Market sentiment remains fragile, with traders closely monitoring price movements amid widespread risk aversion in digital assets.

Shiba Inu Price Analysis

As of the report time, the SHIB price is $0.00002154, down 2% in the past 24 hours. The token's price has fluctuated between $0.00002095 and $0.00002237, reflecting moderate market volatility during this period.

If the bearish trend gains more momentum, Shiba Inu price predictions suggest it may break below the support level of $0.00002, possibly touching $0.000019.

Currently, the cryptocurrency market continues to show mixed signals, with SHIB facing increasing selling pressure.

However, if bullish momentum strengthens, SHIB may rebound from current levels and target the resistance level of $0.000025. Such a rebound would depend on strong buying activity and favorable market sentiment.

The 4-hour MACD indicator shows a slight bullish divergence, suggesting a potential reversal. The histogram indicates that bearish momentum is weakening, which, if continued, may pave the way for a short-term rebound.

Shiba Inu price is in a delicate balance, with key support levels being crucial for its next move. Continuous buying and favorable sentiment could trigger a recovery, but the risk of further decline remains.

Highlights

Shiba Inu price is testing key support levels for potential recovery or further decline.

Market sentiment remains fragile, affecting SHIB's short-term price movements.

The MACD signal shows a bullish divergence, suggesting a possible trend reversal.