• Shiba Inu traded near $0.00001788, with key support at $0.00001850 and resistance at $0.00002097 shaping its next move.
• SHIB overtakes Official Trump in market cap amid a 12% drop in memecoin valuations, showcasing its lasting relevance.

The memecoin market has seen a sharp decline over the past 24 hours and now stands at approximately $97 billion. Shiba Inu [SHIB] one of the key players in this space, has also faced significant losses.

However, SHIB has managed to reclaim its position as the second-largest memecoin by market cap, overtaking Official Trump [TRUMP]. 

SHIB price action and technical analysis

Shiba Inu was trading at $0.00001788 at press time, representing a 6.34% decline over the last 24 hours. The overall market sell-off in the memecoin sector has exacerbated the downtrend.

A detailed technical analysis of SHIB highlighted critical levels that traders should watch closely.

The Fibonacci retracement levels indicated significant zones of support and resistance for SHIB.

The 0.618 Fibonacci level at $0.00002097 previously acted as critical support but has been breached, turning into resistance.

The next major support lies at the 0.786 Fibonacci level at $0.00001988, with additional support at $0.00001850.

If the selling pressure persists, a potential bearish target lies at the 1.618 Fibonacci extension at $0.00001450.

Moving averages further confirmed the bearish outlook. The 50-day moving average

Go to Source to See Full Article
Author: Adewale Olarinde