**Shiba Inu at a Pivotal Point: What’s Next for the Meme Coin?**
Shiba Inu is currently navigating a crucial price zone, and recent analysis indicates that its movements in this area will be key in determining whether it will bounce back or continue to decline. In a surprising turn of events, Shiba Inu posted a daily gain yesterday, rising by 3.3% while Bitcoin and most altcoins faced significant losses. However, it’s important to note that Shiba Inu has experienced notable declines over longer timeframes, with corrections of 8% and 25% over the past week and month, respectively. The strength shown by SHIB yesterday has allowed it to maintain a vital price level, which will influence its immediate future.
**Shiba Inu at a Major Crossroad**
TradingView analyst Paul Endeo has pointed out the reasons behind Shiba Inu’s recent struggles, despite a generally positive ecosystem. In his commentary from Tuesday, he mentioned a potential head and shoulders pattern and unfavorable network conditions as contributing factors to the asset’s price drop. These adverse conditions include a decrease in institutional interest, sluggish network growth, and a lack of profitability for Shiba Inu holders. A recent report from Crypto Basic also highlighted a significant drop in on-chain activity for Shibarium, coinciding with the lackluster price movements.
Endeo emphasized the critical nature of Shiba Inu’s current price level in shaping its short-term trajectory. He noted that depending on how the coin reacts to this zone, the second-largest meme coin by market cap could either surge over 20% or plummet 11% to new lows.
**Shiba Inu Analysis According to Paul Endeo**
Currently priced at $0.00001426, Shiba Inu is hovering near the support level of $0.0000147. Endeo believes that for a quick price recovery, the prominent meme coin must maintain this support. If SHIB can hold its ground, he predicts a potential rebound of 20% back to this month’s peak of $0.00001718. Conversely, if it fails to hold this level, the token could face a downward trend of 11%, potentially reaching $0.00001261.
**Shiba Inu Ecosystem Insights**
On-chain analysis reveals some intriguing developments within the Shiba Inu ecosystem. Data from IntoTheBlock indicates a surge in large transactions, suggesting renewed interest from whales. In the last 24 hours, there were 101 transactions exceeding $100,000, a notable increase from just 44 transactions a week ago. However, other indicators are signaling bearish momentum, with net network growth, the “in the money” metric, and market user concentration reflecting a sense of pessimism surrounding the ecosystem.
As it stands, SHIB is trading at $0.000014226, with a relative strength index (RSI) of 44.91, indicating a cautious outlook as it navigates this pivotal moment.
