SHIB Holds #2 Meme Rank, But Can It Survive This Critical Support Test?

Shiba Inu (SHIB) maintains its spot as the #2 memecoin on CoinMarketCap, trailing only Dogecoin (DOGE). This ranking holds even as SHIB faces recent price challenges and bearish short-term technical signals.

Analyst data from $SHIB KNIGHT indicated SHIB recently outperformed peers like PEPE and BONK, highlighting its continued relevance due to community and ecosystem efforts.

Shiba Inu’s strong community backing and continuous ecosystem developments have helped it remain relevant and visible in a highly speculative market. However, recent price action indicates that the token is facing short-term bearish pressure, prompting traders and investors to closely watch for key levels and possible trend reversals.

Related: Can Shiba Inu Repeat History? SHIB Tests Support That Triggered Past Rallies

SHIB Price Tests Critical Support: What Are Key Levels?

SHIB is currently trading at $0.00001153, down 3.75% over the past 24 hours. The intraday movement shows a bearish tone, with price attempts to rally being quickly rejected.

This pattern suggests that sellers are in control for now. Despite brief upward spikes, the overall daily trend continues downward, underlining the cautious mood among traders.

The market is testing a crucial support zone at $0.00001150. A drop below this level could trigger further losses, possibly dragging the price to $0.00001130 or even $0.00001100. These support levels mark recent historical lows and psychological thresholds. Holding above them could provide a base for a future rebound.

On the upside, resistance lies near $0.00001199, which capped the last failed rally. Additional resistance zones between $0.00001210 and $0.00001220 have proven difficult to breach. Overcoming these resistance zones is necessary to shift the current bearish outlook.

What Do SHIB’s Technical Indicators Reveal?

The Relative Strength Index (RSI) stands at 42.41. This indicates weak buying pressure while still remaining above the oversold territory. The flat-to-declining RSI trend points to a lack of momentum from bulls, which limits upside potential in the near term.

Related: Shiba Inu Burn Rate Surges Over 1,500%, Yet Price Fails to Respond

The Moving Average Convergence Divergence (MACD) also supports the bearish narrative. The MACD line is slightly below the signal line and both are in negative territory.

The histogram is nearly flat, hinting at consolidation but offering no clear sign of an imminent bullish momentum shift.