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After last week's PPI data knocked down the fragile rally crypto had been building, the usual question emerged for Shiba Inu (SHIB) and its holders, such as, will the meme coin add another zero to its price figure?
SHIB is trading at $0.0000126 right now. The only thing holding it back from dropping into new territory is thin support at $0.0000120.
SHIB has been moving in tight waves this summer: a brief 8.9% gain in July, followed by a drop in August. Its support line has been tested several times on the daily chart, with each rebound losing strength. If it breaks, the token will reach areas last visited in Q1, when sentiment was far weaker.
The weekly candles show the difficulty of this year. After the surge in 2024, SHIB failed to keep up. The year started with losses of 10.9% in January, followed by 26.1% in February, and red in March and June. Despite sporadic recoveries, the coin has been dropping for months.
Nervous August
At the same time, Shiba Inu coin's price history shows the challenge ahead. August often has flat or negative returns, while September has averaged a modest 4% gain.
But this will not matter if the current level changes because the market will see the next zero as confirmation of another slide, not a temporary dip.
For SHIB, the next few weeks are going to be important. The community needs to find enough buying power to hold steady above support and set up for a late-year push. They did it last November with a 49% rally, after all. If not, the charts are set to lock in the new reality of another zero.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team