As Memecoin Market Cap Plummets 26%, Shiba Inu Fights to Maintain Key Support at $0.000012

Amid the growing bearish influence over the meme coins, Shiba Inu finds $0.000012 support at risk. So, will $SHIB maintain dominance at $0.000012?

Meme Coins face a sharp decline in the market cap from $50.73B to $37.41B in 30 days. This accounts for a 26.25% drop in 30 days.

Amid this bearish trend, Shiba Inu revealed a massive correction rally based on data from Top Memes Tokens by Market Capitalization. Compared with DOGE and PEPE, falling 19.44% and 40.51% in 30 days, respectively, Shiba Inu is between with 31.43%. Furthermore, Shiba Inu trades at $0.00001339, with a 1.75% drop in the past 24 hours. 

With this massive correction, the SHIB token price broke below multiple support levels. Currently, it is struggling to maintain dominance above $0.000012 as the bulls try to avoid a correction to $0.000010. So, will the meme coin survive this broader market correction?

Is It The Last Bullish Attempt?

In the 4-hour chart, the Shiba Inu price action reveals a strong resistance trendline, which is keeping bullish reversals under control. Furthermore, in recent days, a short-term support trendline has been holding the Shiba Inu in a falling channel pattern. 

In comparison to the support trendline, the strong resistance trendline has a wider history and increased chances to fracture $0.00001289 in the next negative cycle. Furthermore, the Shiba Inu price action reveals a massive bearish engulfing candle of 3.72% formed at 1600 hours UTC. 

Following this, a bullish reversal in the falling-channel pattern is witnessed, accounting for a price jump of 1.98% in the past 12 hours. This limits the damage to 1.75% in the past 24 hours. 

Underlying Demand For Shiba Inu At Risk?

Based on the Fibonacci levels in the 4-hour chart, from $0.00001992 to $0.00001127, Shiba Inu is currently consolidating in a sideways move. The bottom support stands at the 23.60% Fib level at $0.00001289. 

Meanwhile, a bullish struggle is visible, with Shiba Inu struggling to asset dominance above the 38.20% Fib level at $0.00001401. 

Optimistically, a breakout rally will surpass the 50% Fib level at $0.00001498 to potentially hit the 78.60% Fib level at $0.00001763. Conversely, the 23.60% Fib level breakdown at $0.00001289 could plummet the meme coin to the $0.00001127 base.