Shiba Inu Faces Significant Price Decline Nearing Lowest Point of 2023

The meme coin Shiba Inu is currently experiencing renewed downward movement, indicated by its price drop over the last 24 hours and week. Shiba Inu now faces significant challenges amidst price decline as it struggles to hold on to vital support levels. The cryptocurrency has been on a downward trajectory, raising concerns as Shiba Inu faces market uncertainty impacting recent price trends.

Key Support Levels at Risk: Shiba Inu’s price is above $0. . However, current indicators suggest SHIB may lose the critical $0. support level. If this happens, the price could see further declines. Incurring a 6.22% deficit in 24 hours, SHIB has fallen below a major support level, consisting of a whopping 447T SHIB tokens between the price range of $0. and is in danger of testing yearly lows.

Recent Price Action: From a monthly high of $0. , the price of SHIB plummeted to a low of $0. before retracing to the current price. Shiba Inu (SHIB) has faced significant price challenges this week, experiencing a sharp decline that mirrors broader market trends.

Technical Analysis: The key trendline that had supported Shiba Inu’s [SHIB] price between $0. and $0. has now dipped to the $0. level. A decline to the $0. level could signal a deeper correction.

Factors Influencing the Price: Even amidst the meme coin frenzy, the downward pressure on SHIB persists. Additionally, on-chain Institutional interest grows despite falling prices, suggesting potential long-term belief in the project. Layer-2 Shibarium development could bolster future adoption and potentially reverse the current price trend. As of writing, SHIB has shown some resilience, but the overall outlook remains bearish without a significant shift in market sentiment.