SHIBA INU (SHIB) faced selling pressure over the past 24 hours, with prices falling 3.20% from $0.00000888 down to $0.00000859. However, SHIB has shown some short-term strength, bouncing 1.32% in the past hour. This price action highlights the continued volatility around the popular memecoin. Let's dig into the key SHIB metrics for a better understanding.

Yesterday's $459.29 million of trading volume points to lingering interest in SHIBA INU. While below previous high volumes, this level surpasses many other cryptos and shows SHIB remains actively traded. The 24-hour volume suggests reasonable liquidity for traders despite the price weakness.

Zooming out, SHIB has declined notably over the past week, losing 14.49% amidst overall crypto market instability. Since reaching an all-time high of $0.000088 in late October 2021, SHIB has retraced over 90%. However, the past month shows a slight 11.31% gain for SHIB, outperforming both Bitcoin and the broader altcoin market.

Taking a wider 6-month view, SHIBA INU has been under pressure along with the overall bearish crypto sentiment. Over this period, SHIB has shed 34.98% of its value. But again, SHIB has done better than most cryptocurrencies over this timeframe.

Fundamentally, SHIB retains a strong community and appeal as a speculative crypto for investors seeking major upside. As a memecoin, SHIB is likely to see continued volatile price swings driven by hype cycles and viral trends. This makes timing entries and exits critical.

Buying SHIB After Pullback Could Fuel Gains

Savvy crypto traders may look to buy into SHIB's weakness, as seasoned investors know "the trend is your friend." If SHIB can form a bottom here, getting exposure at these depressed levels could provide big returns on the next meme-driven rally.

Since massive gains often happen quickly with memecoins, having some SHIB exposure when the next surge happens gives traders an opportunity to realize exponential returns. Measured buying on major pullbacks allows managing the risks of SHIB's high volatility.

While risky, memecoins like SHIB with a cult following can defy bearish expectations and go on epic short-term runs. For traders with a higher risk tolerance, taking a small position in SHIB after this pullback makes sense while adhering to strict risk management.

SHIB Price Outlook

Technically, SHIBA INU looks likely to see a period of consolidation after losing its upward momentum. Support may emerge around $0.0000080, with resistance at $0.0000095. This range-bound action could persist while SHIB finds its next trend bias.

Oversold momentum conditions hint at a potential relief rally above $0.0000090. However, SHIB remains vulnerable to renewed selling pressure if Bitcoin sees more weakness. The key 50-day moving average around $0.0000096 would be the first major upside target.

Longer term, SHIB still relies heavily on speculative demand and viral trends to drive price spikes. Without these catalysts, prolonged sideways action is likely. SHIB will need to see technicals improve and buying volume return before expecting a sustained upside breakout. But when crypto markets turn bullish, meme mania could strike again.

Is Now a Good Time to Buy the Dip on SHIBA INU (SHIB)?

With SHIB seeing a large pullback from recent highs, is now a strategic time to buy the dip before the next memecoin rally? Or does more downside risk remain despite oversold conditions?

The most prudent move is waiting for some sign of bottoming before assuming SHIB offers asymmetric upside potential. Oversold readings can persist for a long time during crypto bear markets. Having some confirmation of trend change would improve the risk/reward outlook.

For short-term traders, keeping an eye on social media activity around SHIB provides valuable clues. If viral interest starts accelerating again, it may precede a trend reversal. Additionally, if Bitcoin shows signs of bottoming, risky assets like SHIB are likely to bounce back strongly.

While the memecoin's cult following makes predicting SHIB's moves difficult, the price action techniques that work across all markets apply. Patience for some shift in momentum represents the higher probability play at this stage. Jumping in based on oversold levels alone remains precarious.

What Could Drive Further Weakness for SHIBA INU (SHIB)?

Despite depressed prices, SHIBA INU is not immune from additional downside if overall crypto market sentiment remains bearish. What key factors could push SHIB below its recent swing lows in the months ahead?

The greatest risk comes from an intensifying bear market that pushes Bitcoin and major altcoins to new lows. As a highly speculative asset, SHIB would likely see heavy selling pressure in a capitulating environment. SHIB could easily lose another 50% or more in a wider market washout.

Memecoin demand is also reliant on hype cycles and viral trends. If the SHIB community loses interest or jumps on a new memecoin bandwagon, SHIB could quickly plunge in the absence of buyers. Support levels may not hold up.

Regulatory crackdowns also pose a threat. If policies effectively ban memecoins or restrict their trading, it could eliminate much of SHIB's demand. While not a current major risk, it remains a possibility to monitor.

For prudent traders, waiting and letting SHIB prove itself before buying major dips seems wise. Until SHIB can rally on improving volume, the path of least resistance technically favors the bears in the near term. Patience is critical when trading volatile assets like SHIB.