$SHIB
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Shiba Inu’s Recent Market Turbulence: A Closer Look
Shiba Inu (SHIB) has recently experienced a significant downturn, with its price plummeting from $0.00001500 to $0.00001250 between May 29 and May 30. This sharp decline was marked by a spike in trading volume, indicating a rush of selling activity. However, shiba news now suggests that the meme coin might be stabilizing, potentially forming a base for future recovery below its recent highs.
The Impact of the May Drop
According to insights from Crypto Man MAB on social platform X, SHIB is displaying ongoing signs of market softness both in the short and long term. Trading at $0.00001266, the coin has seen a slight drop of 0.47% in the last 24 hours. Over a broader timeline, it has depreciated by 3.80% in the last 30 days and 54.73% over the past six months, highlighting a continued bearish trend in shiba news.
Technical Analysis and Market Response
From a technical perspective, SHIB’s sharp price fall between May 29-30 suggests intense selling pressure possibly due to market uncertainties or profit-taking strategies. Post-drop, the price shows signs of forming a potential consolidation phase at lower levels. The initial high volume during the drop has since decreased, often indicating a reduction in selling pressure.
Support and Resistance Levels
Crypto Man MAB notes that SHIB has established short-term support around $0.00001250 post its recent fall. Resistance is observed between $0.00001350 and $0.00001400, levels where Shiba Inu has faced difficulties in climbing higher. The 24-hour trading range has been relatively tight, maintaining between $0.00001257 and $0.00001308, which still poses a cautious outlook for investors.
Future Outlook for Shiba Inu
The overall sentiment remains bearish without significant signs of a reversal. The cryptocurrency is hovering near the $0.00001250 support level. A break above $0.00001350 could suggest a potential bullish shift, while a fall below the support might indicate further declines. Observing trading volume and general market sentiment will be crucial in predicting SHIB’s next movements.
For more detailed analyses and updates on Shiba Inu, visit [Financier News](https://www.financier.news/). Additionally, for broader insights into the cryptocurrency market, you can explore [Binance](https://www.binance.com/).
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