Outside Source
TL:DR;
- The entire cryptocurrency market has turned red on a daily scale, but as usual, most meme coins have slumped a lot harder.
- Shiba Inu is among the poorest performers, having dumped by 11% within the past 24 hours to a multi-month low. What’s even more worrying is that SHIB is currently below a crucial support line.
The second-largest meme coin rode the post-election bull cycle in an impressive manner, going from around $0.000016 to a multi-month high of well over $0,000033. Thus, it doubled its valuation within a month, as its peak came on December 8.
However, it failed to maintain its momentum, even though assets like BTC, XRP, ADA, XLM, and DOGE kept climbing and started to lose value gradually.
In fact, its 2025 peak, which came on January 18, was at $0.000025 – 25% lower than the high reached in late 2024. The following week was also turbulent and adverse for SHIB, perhaps due to the TRUMP token mania, as its price slumped further to $0.0002. At one point, it even lost its spot as the second-biggest in its field to the meme coin launched by the US president.
Despite the recent bullish predictions, the past 24 hours brought even more pain for SHIB. Alongside the rest of the market, the self-proclaimed Dogecoin killer dumped by 11% to its lowest levels since early November of under $0.000018.
This decline could carry even more significance as it drove SHIB below a ‘critical’ support line. According to popular crypto analyst Ali Martinez, that crucial level for SHIB’s price momentum stands between $0.0000185 and $0.0000212.
The asset has slumped below both now, and it will be key to see whether it will close the day in such an unfavorable spot, which could trigger even more pain for the SHIB bulls.
The $0.0000185 to $0.0000212 range stands as the most critical support zone for #ShibaInu $SHIB! pic.twitter.com/mKXcYtvqS1
— Ali (@ali_charts) January 27, 2025
This article first appeared at CryptoPotato
