Shiba Inu (SHIB) has encountered a challenging phase in the cryptocurrency market, as it grapples with a bearish breakdown following its inability to sustain recent price growth. Over the past 24 hours, SHIB has seen a decline of 1.68%, bringing its value to $0.00002553. This downward trend extends over the last 30 days, with SHIB experiencing a 4.44% slip, fluctuating between a low of $0.00002071 and a high of $0.00002796.

The decline in SHIB's price is accompanied by a significant drop in trading volume, which has decreased by 49.39% to $625,802,833 from its peak of $1 billion earlier this week.

As SHIB's price trajectory approaches the critical $0.00003 mark, investors are closely monitoring the market for signs of a potential reversal. Market indicators such as the Relative Strength Index (RSI) and Bollinger Bands may signal when the correction is complete, paving the way for a potential uptrend. Additionally, the actions of SHIB whales, who are actively accumulating tokens, could sway future price movements. Increased accumulation by whales may exacerbate the supply shortage of SHIB, potentially driving prices higher in the long term.

Despite the current downturn, Shiba Inu's deflationary nature remains a key factor in its long-term outlook. The daily burning of millions of SHIB tokens contributes to its scarcity, positioning it for a potential rally down the line. Moreover, the upcoming launch of Shibarium, an Ethereum layer-2 scaling solution, aims to enhance utility within the SHIB ecosystem, potentially boosting its value.

In the midst of these developments, SHIB aims to maintain support around $0.000025 while striving for a midterm resurgence to reclaim the $0.00003 level. As the market continues to evolve, investors remain vigilant for opportunities amidst the volatility of the cryptocurrency landscape.