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The price of Shiba Inu (SHIB) is currently hovering near significant support levels following recent market corrections. The token continues its downward trend since reaching its peak in December. Uncertainty reigns over the direction of the price due to market volatility and harsh overall conditions.
Technical Indicators and Market Assessment
The losses experienced in the broader meme coin market have also impacted SHIB. Other digital assets, such as Dogecoin 
$0.079438, have seen similar declines, causing Shiba Inu’s market ranking to drop. While price movements are signaling potential exits from a descending wedge formation, technical indicators reveal a weakness in buying pressure.
Expert Opinions and Potential Resistance Levels
As the token approaches critical points, a rising token burn rate could positively influence the price. A significant increase in daily token burns was observed on March 8, indicating that the amount of tokens removed from circulation could exert pressure on total supply. A crypto analyst noted that SHIB’s price has emerged from a descending wedge formation, suggesting a potential increase of up to 422% based on expectations.
Among current technical signals, the negative trend of the MACD indicator stands out. The MACD line remains beneath the signal line, while the red bars in the histogram indicate selling pressure. The RSI value shows that buying levels are weak.
The current trading price continues to oscillate within a narrow band between critical support and resistance levels. The support level hovers around 0.00001, while resistance is at approximately 0.000015. These zones are causing hesitation among buyers entering the market.
Market participants closely monitor whether SHIB’s price will trend within a narrow channel for a while longer before determining its direction. Uncertainty and a cautious approach have prompted investors to keep an eye on technical indicators. In the near future, surpassing the identified resistance levels or closing below the support point could be decisive for the price movement.
