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Shiba Inu might see a sharp price correction toward a major support area, as the structure remains generally bearish when zoomed out.
Interestingly, this outlook comes despite recent upward momentum for $SHIB. The bullish run from the previous week has endured, with the meme coin pushing further to $0.00000644 before momentum stalled. Still, Shiba Inu faces the possibility of a strong pullback to much lower prices.
Key Points
- Shiba Inu might see a sharp price correction toward a major support area, as the structure remains generally bearish when zoomed out.
- Recent behavior indicates the asset has struggled to break above a descending resistance trendline on the 4-hour chart.
- As long as its price remains below this trendline, the overall tone leans toward continued downside pressure rather than recovery.
- Analysis favors continued price weakness, targeting a 10.5% correction to the nearby support level at around $0.00000545.
- If the nearby “minor support” gives way, the next area of interest could emerge near the $0.00000507 major demand zone.
- A decisive move above the resistance region around $0.00000656 would challenge the current bearish outlook.
Shiba Inu Still Bearish
A TradingView analysis from “MyCryptoParadise” highlighted that market conditions around Shiba Inu paint a skeptical picture, especially as price action shows signs of underlying weakness. While short-term moves may appear bullish, a deeper reading of the structure highlights the need for caution at this stage.
Recent behavior indicates that $SHIB has struggled to break out of a descending resistance trendline. Notably, the price has not found joy around this neckline resistance on the 4-hour chart, with earlier attempts to breach this zone stalling. The last try was on February 14, when a push to $0.00000725 marked the end of the uptrend.
According to the analyst, this repeated rejection is not random but rather reflects $SHIB’s price weakness and prevailing selling pressure. As long as its price remains below this structure, the overall tone leans toward continued downside pressure rather than recovery.
Signs of Weakness Beneath the Surface
From a structural perspective, Shiba Inu operated around a supply zone at the time of the analysis. Around this area, between $0.0000060 and $0.0000059, selling interest has historically been strong.
$SHIB broke above this supply zone following its rally to Monday’s high of $0.00000644. The push saw it retest the descending trendline, but the token lacked sufficient strength to defy this resistance.
Now, the meme coin has pulled back close to the supply zone, keeping the structure bearish. The analysis favors continued price weakness, targeting the nearby support level at around $0.00000545. This represents a 10.5% correction from the current market price of $0.00000609.
Looking more deeply into market behavior, the commentator highlighted the sequence in the volume spread. Per the analyst, a sharp upward move followed by a strong volume often signals distribution rather than accumulation. In such cases, institutional participants may be reducing exposure while market optimism remains elevated, creating a disconnect between sentiment and underlying demand.
Key Levels That Could Define the Next Shiba Inu Move
Meanwhile, recent price action has also shown signs of weakening demand. After a brief rally, the market failed to sustain momentum, suggesting buying pressure was insufficient to absorb the available supply. This type of reaction often precedes further downside if support levels begin to break.
If the nearby “minor support” gives way, the next area of interest could emerge near the $0.00000507 zone. $SHIB last visited this area on February 6 and would need to correct 16.7% from here to reach this major support level.
However, the analyst noted that a decisive move above the resistance region around $0.00000656 would challenge the current bearish outlook. This near-8% rally would indicate renewed strength and could open the door to a bullish continuation instead of a correction.