Amid the ongoing volatility, the meme coin market has recorded the highest uncertainty as top memecoins continue to stumble around their important resistance levels. Not surprisingly, the most searches in this segment are towards Shiba Inu as traders are actively searching SHIB News on search engines like Google.
With the market currently valued at $44.73 billion with an intraday trading volume of $4.14 billion, the Shiba Inu coin price also displayed a similar action.
For the last 6 days there has been a variation of 2% recorded on daily basis. While the Shiba Inu price today is exchanging hands at $0.00001169 with a market cap of $6.937 billion, it is down by 44.34% this year.
This raises concerns about the short-term and long-term goals and vision of this crypto project. Despite being the 2nd largest memecoin, technical sentiments highlight rising disinterest of investors toward this Ethereum-based project.
SHIB Price Forms Descending Channel Pattern!
After displaying a bearish price action for three months, the Shiba Inu price has witnessed sideways price action this week. This highlights a cool-off in the negative price action of this memecoin. Moreover, it has formed a descending channel pattern and has continued to trade within it since the year started.
As the meme coin stabilizes, the SMA indicator acts as a major support to the Shiba Inu price chart in the daily time frame. Notably, this highlights a high possibility of this token recording a bullish turnaround this week.
On the other hand, the Moving Average Convergence Divergence (MACD) displays a constant green histogram with its averages recording increased positive action. This suggests an increase in the accumulation of the SHIB memecoin in the cryptocurrency market.
Will Shiba Inu Boom in 2025?
If the market favors the bulls, this could result in the 2nd largest meme coin breaking out of its resistance trendline of the channel pattern and testing its high of $0.00001525. Maintaining the price above that level could push the price toward its upper price target of $0.00002050.
However, if the meme coin segment witnesses unexpected liquidation, this could pull the price of SHIB coin toward its crucial support level of $0.00001025 this week.
Also Read: XRP Outperforms Ethereum for 5 Months Straight: Here’s How
