Shiba Inu (SHIB) has faced significant volatility this week, dropping below the critical $0.00001 threshold. Below, we analyze the key support and resistance levels shaping SHIB’s near-term trajectory and explore potential catalysts for recovery.
Current Market Performance
- Price Drop: SHIB fell to $0.00000970 (down 1.4% in 24 hours), erasing gains from early 2024.
- Catalyst: The SEC’s potential rejection of spot Bitcoin ETF applications triggered market-wide FUD, impacting SHIB and other altcoins.
Critical Support and Resistance Levels
Support Levels
Primary Support: $0.00000950
- Holding above this level could stabilize SHIB and enable a rebound.
- A breakdown may accelerate sell-offs, pushing prices lower.
Resistance Levels
Immediate Resistance: $0.00001000
- Breaching this could signal a bullish reversal.
- Year-to-Date High: $0.00001090 (January 2024)
Technical Outlook:
- SHIB’s fall below the 50 EMA suggests a bearish trend.
- Recovery depends on trading volume and whale accumulation.
Potential Recovery Catalysts
- Whale Activity: Large holders are accumulating SHIB at current lows.
Shibarium Burns:
- Automated burns via Shibarium (launching this month) could remove 9.25 trillion SHIB monthly, reducing supply.
- Bitcoin ETF Impact: Approval of spot Bitcoin ETFs may boost overall crypto sentiment, benefiting SHIB.
FAQs
Q: What’s the next support if SHIB breaks $0.00000950?
A: The next key level is $0.00000800, last tested in mid-2023.
Q: How high could SHIB climb if it breaks $0.00001000?
A: A sustained breakout could target $0.00001200, assuming bullish momentum.
Q: Is Shibarium’s burn mechanism confirmed?
A: The team plans to automate burns, but exact figures depend on network usage.
👉 Discover how market trends impact SHIB’s future
Bottom Line: While SHIB faces short-term pressure, long-term holders are betting on its utility and Shibarium’s growth. Watch the $0.00000950–$0.00001000 range for decisive moves.