Key Takeaways

• SHIB has dropped to 19th place in the market after hitting a two-month low.
• The coin could fall to the $0.00001030 support level if current trends persist.

SHIB Hits a Two-Month Low

SHIB, the native coin of the Shiba Inu ecosystem, has been underperforming recently, losing 12.6% of its value over the past week and dropping to 19th in the cryptocurrency market.

This decline comes amid broader crypto market losses and weakness in the U.S. stock market. SHIB faced a massive sell-off after failing to break the $0.00001230 resistance, with trading volumes exceeding 1.2 billion tokens.

The sell-off resulted in a two-month low price of $0.00001148, with analysts suggesting that further declines may be possible due to global economic factors and trade disputes, which have increased volatility in the crypto market.

This decline was exacerbated by President Trump’s comments regarding Iran, influencing market sentiment.

SHIB Could Test the $0.00001030 Support Level

Currently, market fundamentals appear bearish, and SHIB’s technical indicators support this. With a Relative Strength Index (RSI) of 39, SHIB is in the oversold region, and further selling pressure could occur if bearish momentum continues.

The MACD indicator also shows bears are in control. After failing to maintain the $0.00001230 support level, SHIB may test the $0.00001030 support level in the upcoming days, a level not seen since early April.

However, ongoing global events, such as the Israel-Iran conflict, could influence whether SHIB and other major cryptocurrencies experience a recovery. A potential ceasefire might lead to a temporary rally in the crypto market.

Traders are also anticipating today’s FOMC meeting, which could provide insights into the Fed’s interest rate policies for the rest of the year.