Shiba Inu continues to face selling pressure as the meme coin trades below key technical levels. The token has lost ground consistently since early October, raising questions about potential price floors.
Shiba Inu Price Could Fall is currently trading at $0.00001004, having declined from higher levels earlier this month. The asset dropped to $0.0000074 on October 10 during a market-wide selloff triggered by geopolitical tensions. While the token has recovered slightly, it remains down 6.61% over the past seven days and 19.52% across the last 30 days.
SHIB burn activity slows dramatically
Token destruction rates have declined sharply in recent weeks. Daily burn figures have stayed under 1 million tokens throughout most of October. The burn rate fell 81.61% in the past 24 hours, with just 169,344 SHIB removed from circulation.
Market observers point to several factors weighing on investor sentiment. Critics note concerns about the project’s practical applications, team focus on alternative ventures, and reduced community activity. These elements appear to be contributing to the current price weakness.
The breach of the $0.000011 support level has altered the technical picture for SHIB. This price point had previously held firm during earlier market corrections. InvestingHaven analysts suggest the token could decline to approximately $0.0000090 in the near term.
Analysts map potential price targets
Trading platform Changelly forecasts a price range between $0.00000975 and $0.00000996 for SHIB. Market analyst Trades0028 identifies $0.000006 as a critical support zone that could provide a foundation for future recovery attempts.
Whether SHIB revisits its October 10 low of $0.0000074 depends on multiple variables. Bitcoin’s price action will likely influence SHIB’s trajectory, as will overall investor appetite for risk assets. Macroeconomic conditions also factor into the equation.
A sustained downturn in Bitcoin could amplify selling pressure across altcoins. This scenario would place additional stress on SHIB’s price structure and potentially accelerate the move toward lower support levels identified by technical analysts.
FAQs
Q: Why is Shiba Inu facing selling pressure?
Shiba Inu has been consistently losing value since October, dipping below key technical levels and raising concerns about potential price floors.
Q: What’s Shiba Inu’s current price?
SHIB is trading at $0.00001004, down 6.61% in the past week and 19.52% over the last 30 days.
Q: Has Shiba Inu’s burn rate been affected?
Yes, burn activity has sharply declined, with daily token destruction under 1 million SHIB throughout October.
Q: What factors are affecting Shiba Inu’s price?
Investor sentiment is low due to concerns over its practical applications, the team’s focus on other projects, and reduced community activity.
Q: What are Shiba Inu’s potential price targets?
Analysts predict SHIB could drop to around $0.0000090 or even lower, with support levels near $0.000006 and $0.0000074.
