Shiba Inu (SHIB) Remains the #2 Memecoin on CoinMarketCap, Trailing Only Dogecoin (DOGE)

SHIB's strong community backing and continuous ecosystem developments have helped it remain relevant and visible in a highly speculative market. However, recent price action indicates that the token is facing short-term bearish pressure

Shiba Inu (SHIB) is holding strong as the #2 memecoin on CoinMarketCap, trailing only Dogecoin (DOGE), even as the token faces recent price challenges and bearish short-term technical signals.

Analyst data from $SHIB KNIGHT indicates that SHIB has outperformed peers like PEPE and BONK, highlighting the continued relevance of the token due to community and ecosystem efforts.

Shiba Inu’s strong community backing and continuous ecosystem developments have helped it remain relevant and visible in a highly speculative market. However, recent price action indicates that the token is facing short-term bearish pressure, prompting traders and investors to closely watch for key levels and possible trend reversals.

Shiba Inu ranks #2 in Coinmarketcap's Memecoin Category pic.twitter.com/dUYmiRu5P6

Can Shiba Inu Repeat History? SHIB Tests Support That Triggered Past Rallies

SHIB is currently trading at $0.00001153, down 3.75% over the past 24 hours. The intraday movement shows a bearish tone as attempts to rally are quickly rejected, suggesting that sellers are in control for now.

Despite brief upward spikes, the overall daily trend continues downward, which underscores the cautious mood among traders. The market is now testing a crucial support zone at $0.00001150, and a breach of this level could trigger further losses, potentially dragging the price to $0.00001130 or $0.00001100.

These support levels mark recent historical lows and psychological thresholds. Holding above them could provide a base for a future rebound, while breaking below them could open the door for more significant declines.

On the other hand, resistance lies on the way up, with the $0.00001199 level capping the last failed rally attempt. Additional resistance zones between $0.00001210 and $0.00001220 also pose challenges to a bullish recovery.

What Do SHIB’s Technical Indicators Reveal?

The Relative Strength Index (RSI) stands at 42.41, indicating weak buying pressure but still remaining above the oversold territory. The flat-to-declining RSI trend showcases a lack of momentum from bulls, which limits the upside potential in the short term.

The Moving Average Convergence Divergence (MACD) further supports the bearish narrative. The MACD line is slightly below the signal line and both are in negative territory. The histogram is nearly flat, hinting at consolidation but offering no clear sign of an imminent bullish momentum shift.