Following recent market corrections, Shiba Inu (SHIB) price has approached a key support level and remains sensitive in a volatile range. The meme coin has dropped from its December peak of $0.000032 and is on a downward trend. Analysts suggest a potential price recovery, but market conditions remain uncertain. Shiba Inu’s price drop coincided with a broader decline in the crypto market. After a strong start in March, cryptocurrencies like Dogecoin (DOGE) and Shiba Inu faced selling pressure, leading to a decrease in SHIB’s market ranking and indicating overall weakness in the meme coin sector. However, several factors could support Shiba Inu’s price growth. The first factor is the increase in token burns. On March 8, 2024, Shiba Inu’s daily burn rate increased by 3250%, reaching 29 million tokens. Over 410 trillion SHIB tokens have been burned so far, reducing its circulating supply to 584 trillion. According to analysts, Shiba Inu has broken out of a descending wedge pattern, which could trigger a significant growth spurt. Some predictions even suggest a 422% price surge, reaching $0.00008841. In the past 24 hours, Shiba Inu’s price has dropped by 2.6% to $0.00001256. The key resistance for this cryptocurrency is at $0.000015, with significant support at $0.00001. The Moving Average Convergence Divergence (MACD) indicator indicates a downward trend, while the Relative Strength Index (RSI) nearing oversold levels at 33. If Shiba Inu can break the $0.000015 resistance, it may move towards $0.000018 and $0.00002. However, a drop below the $0.00001 support could lead to a deeper decline for this meme coin. Visit the live cryptocurrency prices page to monitor all tokens and coins in real-time.
