Shiba Inu Continues to Struggle as Long-Liquidation Surges: Will SHIB Price Recover?

The crypto market is on a bearish trend over the last 24 hours and Bitcoin led the rally by declining toward $90K. As a result, several altcoins and meme coins lost their early-January gains and are now retesting weekly support lines. Shiba Inu, a notable meme coin, lost buyers’ support as long liquidation surged in recent hours. Currently, traders are wondering whether SHIB price could make a comeback amid falling on-chain metrics.

Shiba Inu Open Interest: Coinglass

SHIB/USDT Chart

Currently, buyers are showing support as SHIB price made a minor jump from its recent low. Buyers are now aiming for a hold above the EMA trend lines to sustain the recovery rally. If the price holds above the EMA-20 trend line, it would suggest buyers are stepping in on dips, which could open the door for a move above $0.00001 and potentially push SHIB toward $0.0000112.

However, if SHIB faces resistance and drops below the moving averages, it would signal continued selling. In that case, the price could slide to around $0.0000085 and possibly down to $0.0000077.

Trust with CoinPedia:

CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:

All opinions and insights shared represent the author’s own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.