- SHIB dropped over 65% since December 2024, reaching a low of $0.00001160 by February 2025.
- A price surge to $0.000016 suggests SHIB could rally if it breaks resistance at $0.00001790.
- Open Interest for SHIB rose by 8.74%, reflecting growing futures market interest in the token.
The cryptocurrency market has experienced significant price volatility due to some macroeconomic factors. Among the tokens affected, SHIB suffered the most significant decline, dropping more than 65% from its record high of $0.00003343 reached on December 20, 2024. By February 2025, SHIB’s price had dropped to $0.00001160, which was even lower than the initial price.
However, the support at $0.000014 has been established as an essential milestone preventing further price drops. This support led to a brief upward surge, pushing SHIB above $0.000016. As of press time, the token is still priced at $0.00001583, showing a 0.77% decline over the past day.
Key Resistance Levels to Watch
For SHIB to sustain its upward momentum, it must break past the $0.00001790 resistance level, which has previously acted as a strong barrier. If SHIB climbs past this level, it may sustain a rally in its value, with the next level of resistance at $0.00002000. However, a complete market flip may not be around the corner unless Shiba Inu breaks above the $0.00002200 resistance level.
As long as SHIB stays above the $0.00001450 support level and has a bull breakout above key resistance levels, it can continue the upward move. However, the absence of institutional support may limit the possibility of achieving considerable improvements.
Related: SHIB at a Crossroad: Notable Support and Resistance Ahead
Shiba Inu has a fundamentally bullish outlook, especially when looking at recent trends from the crypto market aggregator Coinglass. SHIB’s Open Interest has increased by 8.74% over the past 24 hours, reflecting higher participation in futures contracts. This shows a rise in the involvement from the futures market, as 12.98 trillion of SHIB is locked in futures contracts.
This rise in Open Interest highlights SHIB’s growing market strength amid volatile conditions. Shiba Inu’s outlook may lie in its capacity to have adequate support and move above the key barriers as sentiment shifts.
