Shiba Inu (SHIB) is currently struggling to maintain its position above the crucial $0.00003 resistance level. If the price breaks down below this threshold, it could lead to a significant price reversal. Previously, SHIB experienced a sharp increase in price, but now the excitement has subsided, and the price is heading towards the important $0.00003 level. Should SHIB fall below this level, it could continue to decline further.
There are two key support levels to watch for now: $0.000027 and $0.000021. These levels may serve as a stopping point for further price declines and potentially bring stability to SHIB’s price if it falls below $0.00003. However, there is still a possibility that SHIB’s price could rebound. If there is renewed interest in SHIB, accompanied by increased buying activity, the price might rise above $0.00003 once again. This could be driven by a general market reversal or a scenario following the correction of Shiba Inu and the return of buying power to the market.
The future trajectory of SHIB will largely depend on the sentiment of buyers and sellers. If buyers perceive the price as low and favorable, it could drive the price upwards. Additionally, the overall sentiment surrounding meme coins like SHIB can also play a significant role. While the meme coin industry is gaining strength, Ethereum-based meme coins like SHIB are not yet gaining sufficient traction. Currently, the leading chains for meme coins are Base and Solana.