Shiba Inu (SHIB) has faced a turbulent 24 hours, with its price slipping by 6.15% to around $0.00001214. Despite the decline, trading activity spiked, with volume surging 128% to $351 million. The token’s market capitalization now sits at $7.15 billion, highlighting a market still buzzing with trader interest.
Shiba Inu Loses September Gains After $2.4M Bridge Exploit
The latest retracement has erased all of SHIB’s early September progress. The token had touched an intra-month high of $0.00001484 but has now dipped below its monthly opening price of $0.00001219. This sharp fall underscores the renewed bearish pressure that continues to weigh on the token’s outlook.
Market watchers point to ecosystem setbacks as a trigger for the recent weakness. A $2.4 million flash loan exploit hit the Shibarium bridge on September 12. Blockchain security firm PeckShield first flagged the incident, noting suspicious activity in the bridge contract.
Although the Shiba Inu team offered a 50 ETH bounty to resolve the issue, progress has remained limited. The attack dented investor confidence and contributed to selling pressure across the token’s market.
Shiba Inu Nears Breakout as Analysts Eye $0.00001800
Despite recent setbacks, analysts are now focusing on a crucial resistance area that has capped gains for several months. SHIB Price is currently testing a descending trend line. A confirmed breakout above this level could alter sentiment and spark bullish momentum.
Analyst suggest that a move past this barrier could push SHIB toward the $0.00001400 to $0.00001800 range. Traders believe such a rally would mark the start of a more sustainable bullish phase.
Can Shiba Inu Break Above $0.00001280 Resistance?
Momentum indicators are also being monitored closely. The Moving Average Convergence Divergence (MACD) shows early signs of convergence, hinting at a potential bullish crossover. If confirmed, SHIB could soon retest resistance levels near $0.00001250 to $0.00001280.
Analysts note that a decisive breakout above $0.00001280 may open the path toward $0.00001320. This outlook is aligned with bullish traders seeking a short-term rebound despite recent negative headlines.
Shiba Inu is still under pressure, though the analysts emphasize that major technical points might outline the future course of the token. Shortly, traders are waiting keenly to see whether SHIB can support at the $0.00001200 level and make a possible recovery.
