SHIB Price Plummets 11%: Can It Hold Support or Will Further Losses Follow?
SHIB Price Drops – The second-largest meme coin, SHIB, made impressive gains following the post-election bull cycle, skyrocketing from around $0.000016 to a multi-month high of over $0.000033 by December 8, 2024. This marked a significant 100% increase in its valuation within a month, drawing attention as the coin rode the wave of bullish sentiment in the market.
SHIB Struggles to Maintain Momentum
However, SHIB’s bullish momentum didn’t last. Despite the ongoing rises in other assets such as BTC, XRP, ADA, XLM, and DOGE, SHIB struggled to keep up. By January 18, 2025, its price had fallen to $0.000025, a 25% drop from its late 2024 high. The following week saw further declines, exacerbated by the emergence of the TRUMP token mania, which led to a sharp downturn for SHIB, dropping to $0.0002 and even briefly losing its position as the second-largest meme coin to the newly launched TRUMP token.
SHIB Faces Sharp Loss in Recent 24 Hours
In the past 24 hours, SHIB experienced a significant sell-off, dropping 11% to hit its lowest point since early November 2024, falling below $0.000018. This downturn is notable, especially as it brings the meme coin below a key support zone. According to renowned crypto analyst Ali Martinez, the critical support level for SHIB’s price lies between $0.0000185 and $0.0000212.
Is SHIB’s Future at Risk?
With SHIB now trading below both support levels, there are growing concerns about its ability to recover. If it closes the day at these lower levels, it could trigger further declines, creating additional pain for SHIB bulls. As market conditions evolve, the next few days will be crucial in determining whether SHIB can stabilize or if the downward trend will continue.
Is SHIB on the Brink of a Major Correction?
The recent drop in SHIB’s price signals increasing pressure for the meme coin. Investors and analysts alike will closely monitor the coin’s ability to regain support or face further losses in the coming days. Given its current positioning below critical support levels, SHIB’s next moves could have significant consequences for its price trajectory in the near future.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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