Shiba Inu (SHIB ($0.00)) has been facing downward pressure over the past 24 hours, continuing its bearish momentum. The meme coin currently trades at $0.00001275, reflecting a 1.47% decline. Despite minor fluctuations, SHIB has struggled to regain its bullish momentum.

SHIB’s 24-Hour Performance

SHIB’s price ranged between $0.00001262 and $0.00001306 in the last 24 hours, indicating weak volatility. Trading volume stands at 359.12 billion SHIB, suggesting investors are cautious amid the ongoing downturn. The coin’s decline aligns with the broader crypto market cooling off after a bullish run in late 2024.

Source: TradingView

Shiba Inu remains far from its all-time high of $0.00008845, recorded on October 28, 2021. The current price reflects an 85.59% drop from that peak. However, long-term holders recall its legendary rally from an all-time low of $0.00000000008165 in September 2020, marking a staggering 15,612,282.91% gain.

Related article: Shiba Inu Surges 4.47% in a Week: Will SHIB Keep Climbing?

Despite the slump, SHIB still enjoys strong community support. Whales and retail investors continue accumulating, betting on a long-term revival. However, without a significant catalyst, the current price action suggests SHIB might remain range-bound in the short term.

Will SHIB Rebound or Slide Further?

With SHIB trading near critical support levels, a break below $0.00001262 could trigger a sharper selloff. Conversely, if bulls regain control and push past $0.00001306, SHIB might attempt a modest recovery.

Related article: Shiba Inu Burns 551M SHIB in 7 Days—Is $0.01 Finally Possible?

The broader crypto sentiment and Bitcoin’s movement will also play a crucial role in SHIB’s trajectory. While the long-term outlook remains uncertain, SHIB’s resilience in past market cycles proves it can still surprise investors.

For now, traders should watch key levels and market trends before making their next move in order to mitigate possible losses.

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