🔥 Key Takeaways
- Shiba Inu (SHIB) has plummeted 66% year-over-year, sparking fear among traders.
- The token broke below the critical $0.00000135 support level, a key threshold since 2023.
- SHIB recorded its first weekly death cross, a bearish technical indicator.
- Analysts warn SHIB may be “dead” unless it reclaims key resistance levels.
Shiba Inu in Freefall: A 66% YoY Drop Shakes Confidence
Shiba Inu (SHIB), once a darling of the meme coin rally, is facing severe bearish pressure as its price plunges 66% compared to last year. The token recently broke below the crucial $0.00000135 support level, which had held firm since early 2023. This breakdown has intensified selling pressure, with traders fearing further declines.
Technical Breakdown: Death Cross and Lost Support
Adding to the bearish sentiment, SHIB recorded its first weekly death cross—a technical pattern where the 50-week moving average crosses below the 200-week moving average, often signaling prolonged downtrends. Analysts suggest that unless SHIB reclaims key resistance levels, including the lost $0.00000135 support-turned-resistance, the token may struggle to regain momentum.
Market Sentiment: Is SHIB “Dead”?
The dramatic decline has led some analysts to declare SHIB “dead,” citing fading hype and weak fundamentals. While the Shiba Inu ecosystem continues to develop, including layer-2 solutions like Shibarium, the broader market downturn and lack of speculative interest have weighed heavily on its price. Retail traders, once bullish on SHIB’s potential, are now exiting positions amid growing uncertainty.
What’s Next for Shiba Inu?
For SHIB to stage a recovery, it must first stabilize above key support levels and attract renewed buying interest. A reclaim of $0.00000135 could open the door for a short-term rebound, but sustained bullish momentum would require broader crypto market strength and renewed confidence in meme coins. Until then, caution remains the prevailing sentiment.
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