The second-largest meme coin by market capitalization, Shiba Inu (SHIB), has halted its rally following the recent BTC drop and failed to present any notable news during its current upward trend. The excitement around Shibarium had also faded months ago.
Shiba Coin’s price faced a loss of approximately 8% after a weak 10-day increase. Macro developments and uncertainties on the BTC front supported this decline. Along with a significant 7% drop on December 11, the RSI fell below 60, confirming panic sales.
According to Santiment data, the accumulation sentiment around Shiba Coin was not greatly affected by recent price movements. The out-of-market supply increased by 51%, indicating that sales could continue to weaken.
CoinGlass data shows that funding remains positive despite the price pullback. This indicates that we are still far from net sales in futures contracts. If BTC experiences a quick recovery, we could witness Shiba Coin’s price dropping another zero from its current price.
The popular meme coin has maintained support in the $0.00000920 region but has failed to break through the $0.00001 region. The long wick on the weekly candlestick supports the resilience of investors who are expecting a rise against the sales.
If BTC reaches new highs above $44,000 and surpasses the $0.00001134 ceiling line, the price direction could climb to new highs between $0.00001485 and $0.00001572. In the ongoing bullish scenario, the next stop could be $0.00001797.