Shiba Inu (SHIB), one of the best-performing cryptocurrencies over the past two months, might be in trouble. SHIB seems to be at a precarious crossroads, as its price graph reveals a worrying descent. SHIB is teetering dangerously close to another price decline, which could add another dreaded zero to its already diminished value.
CoinMarketCap shows that SHIB is currently trading at $0.00001076, up 1.05% in the last 24 hours. SHIB is up 3.39% in the past week and has been consolidating around the crucial $0.00001 support level.
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The meme coin is also showing a 32.14% increase from last month, which is still a significant jump. SHIB crossed $0.00001 at the beginning of the month. Although it dipped below a few times after, it has stayed above that level for most of the month. However, this journey might soon end.
If SHIB experiences a significant tumble below this support level, it could trigger a free fall, and add the extra zero it is desperately trying to keep away.
SHIB’s Potential Decline
Despite the recent surge in SHIB burns, SHIB’s chart paints a chilling picture. After a brief glimpse of bullish momentum, SHIB’s trajectory dropped from a monthly high of $0.00001165 on December 17 to $0.000009843 on December 18, below the resistance level.
Shiba Inu (SHIB) quickly recovered, rising above that level before the end of the day. However, SHIB has retested $0.00001 multiple times since then, and the consolidation is not inspiring confidence in the Shiba Inu community.
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A Glimmer of Hope
Despite the scary prospect of a decline, SHIB’s trading volume has increased by 12.96% over the last 24 hours to $192 million. Although the low trading volume was fueling the bearish performance, the renewed interest from the SHIB community could help fight this potential decline.
SHIB’s historical patterns also offer some hope for the community. Traditionally, the cryptocurrency market experiences a post-New Year bounce, which could end up being a potential lifeline for Shiba Inu (SHIB). The influx of fresh capital and renewed interest could be the push it needs to find its footing and resume its climb to the top.
ChatGPT recently predicted that SHIB would surpass Dogecoin in 2024. After a rocky 2023, and although it might not look like it, SHIB could shock the market in the coming year.
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