Shiba Inu holds strong at THIS support – Is it time to buy SHIB?

• SHIB was consolidating, with a rebound likely once the market recovers.
• Is this the perfect time to buy the dip?

Two major whale cohorts have dumped trillions of Shiba Inu [SHIB] coins since its post-election peak of $0.00003343, triggering a sharp 53% decline.

With SHIB losing its critical support level, more than half of its holders are now in the red.

However, there’s a silver lining. This chart is flashing a strong buy signal. But will the bulls step in, or is SHIB heading back to pre-election levels?

SHIB is at a crucial juncture

SHIB has been stuck in a tight range this past week, with strong support at $0.00001550. Volume is up 20% from the previous day, signaling buyers stepping in.

However, without whale support, a rebound remains distant for this memecoin. Unless that changes, consolidation seems likely until the broader market turns green.

The memecoin sector is down 7% on the day, but SHIB’s 5% dip looks tame compared to rivals facing double-digit losses. Its volume is nowhere near the $7 billion highs from the last cycle, reinforcing the idea that a breakout isn’t coming just yet.

Source: Santiment

But if SHIB holds this support, the signs of a bullish reversal will become impossible to ignore.

So, is this the golden opportunity?

For memecoins, nothing is ever certain. With some facing near triple-digit monthly losses, the market has turned risk-averse.

The usual frenzy for quick gains is missing, making SHIB’s long-term trajectory uncertain. However, history points to a key battleground – strong resistance at $0.00002400. 

Source: TradingView (SHIB/USDT)

There’s potential brewing, with RSI hitting ‘extreme’ lows and MACD flashing bullish. 

However, without stronger accumulation, Shiba Inu is likely to stay range-bound between $0.00001500 and $0.00001775.

If momentum shifts, though, this could be the ideal time to ‘dig the dip’ before a breakout.