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.

Top Memes Tokens by Market CapitalizationTop Memes Tokens by Market Capitalization
Top Memes Tokens by Market Capitalization

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. 

Shiba Inu Price ChartShiba Inu Price Chart
Shiba Inu Price Chart

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. 

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Source: https://thecryptobasic.com/2024/08/16/shiba-inu-price-prediction-for-august-16-as-memecoin-market-cap-plummets-26-shiba-inu-fights-to-maintain-key-support-at-0-000012/?utm_source=rss&utm_medium=rss&utm_campaign=shiba-inu-price-prediction-for-august-16-as-memecoin-market-cap-plummets-26-shiba-inu-fights-to-maintain-key-support-at-0-000012