Shiba Inu (SHIB) is having a tough time. Its price keeps getting stuck below $0.00002045, a key resistance level. Even when it tries to go up, it can’t break through.
Why is SHIB Struggling?
Several things are holding SHIB back:
- Negative Market Sentiment: The overall crypto market isn’t doing great, and meme coins like SHIB are feeling the pinch. Investors are generally pessimistic.
- $0.00002045 Resistance: This price point is a major psychological barrier. It’s acted as a ceiling for SHIB’s price rallies in the past.
- Weak Buying Pressure: Not enough people are buying SHIB to overcome the selling pressure.
Technical indicators, like the Relative Strength Index (RSI), show that selling is dominating. The RSI is in “oversold” territory, meaning there’s a lot of selling and little buying.
What Could Happen Next?
If the bearish trend continues, SHIB could fall even further. The next support level is around $0.00001272. Breaking below that could lead to more significant drops.
For SHIB to recover, it needs:
- A major catalyst: Some big event that sparks renewed interest.
- Stronger buying pressure: More people need to start buying SHIB.
- Breaking through $0.00002045: Consistently trading above this resistance level would be a huge positive sign.
Until then, SHIB’s future looks uncertain, and further price drops are a real possibility.
