Crypto: Memecoins in Turmoil - Will Shiba Inu Survive?

In recent days, Bitcoin has experienced a sharp drop, dragging down all altcoins, including memecoins. In this turbulent context, Shiba Inu (SHIB) is struggling to maintain its key support at $0.000012. Faced with a massive correction that has shaken the entire cryptocurrency market, SHIB is trying to withstand the bearish pressures threatening to push it further down.

Crypto: A correction shaking the entire market

Already, the hemorrhage of memecoins on Solana continues to worsen, but that is not all. Indeed, the memecoins market has been severely hit, registering a 26.25% decrease in its capitalization, dropping from $50.73 billion to $37.41 billion in just 30 days.

This general debacle did not spare Shiba Inu, which, with a drop of 31.43%, is situated between its crypto competitors DOGE and PEPE, respectively down 19.44% and 40.51% over the same period.

• In the space of 24 hours, SHIB saw its price drop by 1.75%, falling to $0.00001339.
• In 30 days, memecoin capitalization plummeted by $13.32 billion.

Despite these turbulences, a glimmer of hope remains for SHIB enthusiasts: a slight recovery of 1.98% has been observed within a descending channel pattern, thus limiting daily losses.

Nevertheless, the situation remains precarious as SHIB struggles to cross the crucial support level of $0.000012.

Memecoins: Can Shiba Inu reverse the trend?

On the 4-hour chart, Shiba Inu shows stubborn resistance, symbolized by a trend line that continues to hinder any attempts at a bullish reversal.

Investors are closely monitoring this $0.000012 level, as consolidation around Fibonacci levels reveals a precarious balance.

A drop below the support line at $0.00001289 could lead to a further decline to $0.00001127.

However, an optimistic outlook is emerging: an eventual bullish rebound could push SHIB across key levels, notably the 50% Fibonacci threshold at $0.00001498, or even reach $0.00001763. The question remains: Will Shiba Inu be able to overcome this challenge or will it yield to the increasing market pressure?

Let’s hope that the whales that recently fled and weakened Shiba Inu have not withdrawn permanently. Their return could be crucial for SHIB’s survival.