Shiba Inu (SHIB) Slumps Below Crucial Support to a 3-Month Low: What’s Next?

Shiba Inu (SHIB) Plummets Below Crucial Support

The entire cryptocurrency market has experienced a sharp decline, and meme coins have been hit particularly hard. Shiba Inu (SHIB) has been one of the worst performers, tumbling 11% in the past 24 hours, reaching a multi-month low.

Shiba Inu's Steep Decline

Shiba Inu surged during the post-election bull cycle, reaching a multi-month high of over $0.000033. However, it failed to sustain this momentum, losing ground as other assets like Bitcoin (BTC) and Dogecoin (DOGE) continued to rise.

Shiba Inu's peak in January 2025 was 25% lower than its December 2024 high, signaling a loss of momentum. The following week brought further turbulence, with SHIB falling to $0.0002 amidst the TRUMP token frenzy.

Critical Support Lost

The recent market downturn has exacerbated SHIB's woes. It has broken below a crucial support line identified by analyst Ali Martinez, between $0.0000185 and $0.0000212.

If SHIB closes below this level, it could trigger further losses for its holders. This is a significant concern, as the support line has played a pivotal role in SHIB's price momentum.

Conclusion

Shiba Inu's plunge below crucial support is a worrying sign. It remains to be seen whether the coin will rebound or continue to decline. Investors should exercise caution and monitor the situation closely.