- SHIB faces key support at $0.0000115, with traders eyeing $0.00001 as a crucial price floor.
- Shiba Inu has dropped over 34% since February but shows signs of short-term recovery.
- Whale activity and reduced exchange reserves could influence SHIB’s next major price movement.
Shiba Inu (SHIB) traders are facing turbulent times as the meme coin battles crucial price levels. Market expert Ali shared a chart showing key SHIB support levels at $0.0000115 and $0.00000815. These levels have historically acted as strong resistance and support zones. Currently, SHIB hovers around $0.0000125, with traders watching to see if bulls can hold the line. A decisive move could shape SHIB’s near-term direction.
Since February, SHIB has lost over 34% of its value, dropping from $0.00001894 to as low as $0.00001238, which has worried investors. The key fear now is whether SHIB will fall below the critical $0.00001 mark, adding an extra zero to its price. However, recent market behavior shows some resilience.
Last week, SHIB dipped to $0.00001082 but quickly rebounded 26% to $0.0000138. However, this rally was short-lived, as SHIB retraced 10% in just three days. Analysts point to $0.00001 as a significant support level for SHIB. SHIB also failed to hold above the middle Bollinger Band, signaling a potential test of lower levels. The lower Bollinger Band sits at $0.00001127, suggesting possible buyer activity around that price.
SHIB’s struggles are also tied to broader market trends. In the past 30 days, the meme coin has dropped 20.8%, mirroring wider crypto market weakness. Trading volumes have remained low compared to other meme coins, adding to bearish sentiment. Despite this, on-chain data reveals that whale investors could play a decisive role in SHIB’s fate.
Related: SHIB Faces Bearish Pressure as Funding Rates Show Volatility
Glassnode data shows SHIB whales have reduced their holdings since early 2022, dropping from nearly 200 trillion tokens to 96.6 trillion. Early SHIB holders accumulated over 20% of the supply at low prices, later selling at key price peaks. This mass exit triggered sharp corrections, showing how concentrated early ownership can amplify volatility. Some investors view the declining reserves as a long-term holding strategy, with whales pulling SHIB from exchanges. Others see it as a signal of weakened confidence.
For now, SHIB’s future rests on whether it can defend critical support levels. The coming days will reveal if whales step in to provide buying pressure. Until then, traders closely monitor SHIB’s price action, hoping for signs of a stronger recovery.
