Crypto: Memecoins in disarray, will Shiba Inu be able to resist?

In recent days, Bitcoin has suffered a sharp decline, taking all altcoins, including memecoins, with it. Amid this turbulence, Shiba Inu (SHIB) is struggling to hold onto its key support at $0.000012. Faced with a massive correction that has shaken the entire cryptocurrency market, SHIB is trying to resist the bearish pressures that threaten to push it down further.

Crypto: A correction that shakes the entire market

Already, the hemorrhage of memecoins on Solana continues to worsen, but not only that. Indeed, the memecoin market has been severely hit, recording a decrease of 26.25% of its capitalization, passing from $50.73 billion to $37.41 billion in just 30 days.

This general debacle has not spared the Shiba Inu, which, with a fall of 31.43%, sits between its crypto competitors DOGE and PEPE, down 19.44% and 40.51% respectively over the same period.

• Within 24 hours, SHIB saw its price drop by 1.75%, falling to $0.00001339.
• In 30 days, the capitalization of memecoins has melted by 13.32 billion dollars.

Despite these turbulences, a glimmer of hope remains for SHIB lovers: a slight recovery of 1.98% was observed within a descending channel pattern, thus limiting daily losses.

However, the situation remains precarious as SHIB struggles to break above the crucial support level of $0.000012.

Memecoins: Can the Shiba Inu reverse the trend?

On the 4-hour chart, the Shiba Inu reveals fierce resistancesymbolized by a trend line that continues to slow down any attempt at a bullish reversal.

Investors are watching this closely threshold of 0.000012 dollarsas consolidation around Fibonacci levels reveals a precarious balance.

A break below the support line at $0.00001289 could lead to a further drop towards $0.00001127.

However, an optimistic outlook is emerging: a possible bullish rebound could push SHIB to break through key levels, including the 50% Fibonacci threshold at $0.00001498, and even reach $0.00001763. The question remains: will Shiba Inu be able to overcome this challenge or will it cave in to the increasing market pressure?

Hopefully the whales that recently fled and weakened the Shiba Inu have not retreated permanently. Their return could be crucial to the survival of the SHIB.