- Shiba Inu hits historic low, signaling continued market struggles ahead.
- SHIB’s nine-month downtrend deepens; no clear signs of recovery.
- Falling below key support zones could erase Shiba Inu’s gains.
Shiba Inu (SHIB) has plunged to its lowest level since January 2024, dropping to $0.0000089. This marks a significant point in a persistent nine-month downtrend, breaking through key short-term support levels and amplifying concerns about its future performance. With no immediate signs of recovery, SHIB’s struggles highlight the ongoing challenges facing the token and its ecosystem.
The price drop coincides with a failure to break above important moving averages, such as the 50-day, 100-day, and 200-day lines. These technical indicators suggest that sellers continue to dominate the market, with the 200-day moving average in particular acting as a consistent ceiling.
SHIB’s repeated inability to climb above this level since the summer signals a lack of upward momentum and raises doubts about any near-term recovery.
Also Read: XRP ETF Gets New Update, Here’s the Latest
Additionally, the token’s Relative Strength Index (RSI) is hovering around 32, indicating that SHIB is dangerously close to oversold territory. However, the absence of any bullish divergence further complicates matters. Instead of a typical panic-driven capitulation, which often leads to rebounds, SHIB’s price action suggests a steady decline without any immediate reversal in sight.
Shiba Inu’s Struggle for Momentum
A critical factor contributing to SHIB’s decline is the lack of strong catalysts within its ecosystem. While the Shiba Inu project initially piqued interest with its Layer-2 scaling solution, Shibarium, the network has seen minimal on-chain activity, resulting in little buying pressure.
Liquidity has also been shifting toward larger, more established cryptocurrencies like Bitcoin and Ethereum, leaving meme coins like SHIB on the sidelines.
The next major support zone for Shiba Inu lies between $0.0000075 and $0.0000080. If the token falls below this level, it could retrace its previous gains and reach $0.0000065, erasing much of the progress made last year. For now, SHIB investors may have to brace for further downside unless there is a market-wide recovery or a boost in Shiba Inu’s ecosystem activity.
Without a significant change in momentum or trading volume, SHIB’s path remains downward, with little hope for a rebound in the immediate future.
Also Read: Researcher Highlights Ripple’s Advantage Over SWIFT, Stellar, and Algorand in Payments
