The meme coin Shiba Inu (SHIB) has experienced a challenging month, with its value declining by approximately 17%. Currently, it is trading close to the $0.0000099 mark. As Bitcoin approaches the significant $100K level, altcoins, including meme coins like SHIB, are feeling the pressure. However, recent chart patterns indicate that a short-term recovery may be on the horizon.
Shiba Inu's market capitalization currently stands at $5.87 billion, positioning it at #23 on CoinMarketCap. Its trading volume has seen a significant decrease, plunging nearly 48% in the last 24 hours to $148.5 million. This slowdown suggests a period of trader caution. Despite this, SHIB maintains a strong community of 2.87 million holders, a crucial element for potential price rebounds.
Shiba Inu Price Analysis: A Breakout Could Be Near
The 2-hour SHIB/USD chart reveals a descending triangle formation, a pattern that typically signifies consolidation before a potential breakout.
- •Resistance: $0.00001022
- •Immediate support: $0.00000963
- •Major support: $0.00000868
Currently, SHIB is trading just below its 200 Simple Moving Average (SMA) around $0.00000986, which is acting as dynamic resistance. A clear breakout above this level could propel prices towards the $0.0000102–$0.0000104 range.
The Stochastic RSI is currently at 41.16, indicating mild upward momentum after exiting oversold conditions. If buying volume increases, SHIB might retest the upper resistance zone. However, a failure to break above $0.0000102 could lead to a pullback towards the $0.0000086 support level.
Bitcoin’s Influence on Meme Coins
With Bitcoin (BTC) consolidating near the $100K mark, many traders are shifting their capital towards Bitcoin and other large-cap cryptocurrencies. Meme coins such as SHIB and PEPE have experienced liquidity outflows as a result. However, these coins often demonstrate rapid recovery once Bitcoin stabilizes.
The current volume-to-market-cap ratio of 2.52% suggests that speculative interest has cooled. This phase often precedes significant price movements when market confidence returns.
Shiba Inu Price Prediction: Can SHIB Regain Momentum?
Should Bitcoin maintain its position above $100K and the upcoming U.S. inflation data prove to be positive, SHIB could potentially target the $0.0000104–$0.0000108 range in the short term.
Conversely, if Bitcoin experiences a decline below $98K, bearish sentiment could drive SHIB back down to the $0.0000086 support level. This zone is considered a key area for potential accumulation.