Shiba Inu Coin (SHIB) presenting a buy opportunity or is it a sell in January 2025?

We revise the catalyst for the downward pressure in Shiba Inu Coin. We also look the SHIB chart, and its message for January 2025.

SHIB price dropped sharply on December 29, reaching a low of $0.0000143.

However, the meme coin recovered quickly and began the new year on a positive note.

At the time of writing, SHIB trades at $0.000017, up nearly 2% over the past 24 hours.

Despite the recent gains, SHIB price still trades below a key Fib level, suggesting that bullish momentum is lacking.

As highlighted in our previous analysis, the 50% Fibonacci level at $0.0000241 has provided strong resistance to SHIB price throughout 2024.

Now that the meme coin has dropped significantly below the breakout level, we can expect Fib support to come into play.

The 61.8% Fibonacci level at $0.0000177 is likely to provide strong support to SHIB price in January 2025.

After creating support at $0.0000177, SHIB price will attempt to rally once again towards the 50% Fib level at $0.0000241.

If the meme coin fails to rally past the 50% Fib level, we can expect SHIB price to consolidate between Fib support and Fib resistance.

This consolidation range is likely to act as a springboard for another bullish attempt later in 2025.