Shiba Inu faces sustained selling pressure, trading near $0.0000056 and maintaining a pattern of lower highs and lows. The token remains below key moving averages, having lost critical support around $0.0000067. Analysts note this breakdown opens a risk path toward a demand zone between $0.00000304 and $0.00000138, with current price action indicating distribution rather than accumulation.
The Shiba Inu token is trading near $0.000005599, sustaining a lower-high, lower-low market structure. Its price remains below the 50-day and 200-day moving averages, signaling continued weakness.
According to chart analysis, SHIB is consolidating beneath daily and weekly upside targets after losing horizontal support near $0.0000067. Large volume spikes on red candles are indicative of a distribution phase rather than accumulation.
Market analyst Ali shared his thoughts, revealing that Shiba Inu is currently in a position to appreciate once a support level is broken. The projected pathway suggests continued downward action could produce new lows before buyers step in.
Under present conditions, there is room for the price to move down before finding solidified support. The only way to reverse momentum would be for SHIB to reclaim its previously lost horizontal support.
This would validate any shift in the current directional trend. Until that occurs, signs point to continued downward selling pressure affecting the asset.
