Shiba Inu Crash To Calm – Is $SHIB Forming A Base Below?
Shiba Inu (SHIB) recently endured a sharp sell-off, plummeting from $0.00001500 to $0.00001250 between May 29-30, evident in the volume spike during the drop. However, the subsequent slower recovery and declining volume suggest the meme coin may now be entering a consolidation phase, quietly forming a potential base below recent highs.
A Breakdown Of The May 29-30 Drop
According to a recent update by Crypto Man MAB on X, SHIB continues to show signs of weakness in the short and long term. The meme coin is currently trading at $0.00001266, reflecting a modest +0.47% decline in the past 24 hours. In a larger time frame, SHIB has lost 3.80% over the past 30 days and a significant 54.73% over the last 180 days, underlining a persistent bearish trend.
Support And Resistance In Shiba Inu’s Recent Performance
Crypto Man MAB observed that SHIB has found short-term support around $0.00001250 after its recent drop, suggesting selling pressure has eased. Meanwhile, key resistance sits between $0.00001350 and $0.00001400, where Shiba Inu previously struggled to move higher.
In conclusion, the analyst noted that Shiba Inu remains in a bearish trend, currently consolidating near the $0.00001250 support. A breakout above $0.00001350 could signal renewed bullish momentum, while a drop below $0.00001250 may lead to further downside. Monitoring volume and overall market sentiment is key to confirming the next move.
