Shiba Inu Price Hovers Near Key Support Levels as Market Volatility Persists

Shiba Inu (SHIB) Price Holds Near Key Support Amidst Market Volatility

The price of Shiba Inu (SHIB) is currently consolidating near crucial support levels following recent market corrections. Since peaking in December, the token has experienced a sustained downward trend. Market volatility and challenging overall conditions contribute to the uncertainty surrounding its future price direction.

Technical Analysis and Market Overview

The broader meme coin market downturn has significantly impacted SHIB. Dogecoin, among other digital assets, has seen similar declines, leading to a drop in Shiba Inu's market ranking. While price action suggests a potential breakout from a descending wedge pattern, technical indicators reveal weak buying pressure.

Expert Insights and Potential Price Targets

A rising token burn rate could provide positive price momentum. A notable surge in daily burns on March 8th indicates that reduced circulating supply may exert upward pressure. One analyst suggests SHIB's emergence from a descending wedge could potentially lead to a price increase of up to 422%, though this remains speculative.

Currently, the negative MACD trend is a significant technical signal. The MACD line remains below the signal line, and red histogram bars confirm selling pressure. The RSI also points to weak buying sentiment.

Trading currently occurs within a tight range between key support and resistance levels. Support sits around $0.00001, while resistance is approximately $0.000015. This narrow trading band reflects buyer hesitation.

Market participants are closely observing whether SHIB will continue to consolidate before a decisive directional move. Uncertainty and caution prevail, prompting investors to monitor technical indicators closely. A break above the resistance level or a fall below the support level will likely determine the near-term price trajectory.

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