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Shiba Inu Coin fell to a new low in 2024, can it counterattack?
Shiba Inu Coin (SHIB) fell below $0.000015 for the first time since 2024, facing a major test. After a wave of speculative enthusiasm, SHIB is currently facing selling pressure, and the price has fallen sharply, breaking through the previous key support level.
$0.000015 has always been an important support line for SHIB, but the market lacks bullish momentum, causing the price to fall below this bottom line. Breaking through important support levels usually intensifies selling, and SHIB's outlook has become more bearish.
The next support level is around $0.000012, which may provide some respite for short-term holders, but the overall trend is still weak. There are multiple reasons behind SHIB's decline, including market uncertainty and a decline in interest from large investors.
Although SHIB has attracted market attention due to its ecosystem updates and staking plans, it has failed to regain its previous growth momentum. Technical indicators also show weakness, with the RSI in the oversold zone and low demand. The trading volume is flat, indicating that the market has little interest in the current price.
In the short term, the outlook for SHIB is not optimistic, but the volatility of the crypto market is high and a reversal is still possible. If SHIB can regain its footing above $0.000015, it may be able to stop the decline and rise. However, if the downward trend continues, a drop to the support level of $0.000012 seems inevitable.
