thecryptobasic.com
As the broader crypto market endured another pullback yesterday, analysts are now assessing what lies ahead for Shiba Inu.
Market watchers believe Shiba Inu remains in a vulnerable position with sellers dictating its short-term price action.
Key Points
- Shiba Inu remains technically vulnerable, with sellers firmly controlling short-term price action.
- A descending trendline near $0.0000065 defines $SHIB’s latest weakness and may cap upside attempts.
- If this resistance holds, analysts warn that $SHIB risks sliding toward $0.0000055.
- A decisive breakout above the trendline would invalidate the bearish outlook and signal a shift in momentum.
Shiba Inu Still Within a Bearish Structure
In a recent commentary, analyst HolderStat examined the 30-minute $SHIB/USDT chart and noted that Shiba Inu continues to trade within a bearish structure defined by a descending trendline. This setup, reinforced by a sequence of lower highs and lower lows, confirms sustained selling pressure.
Recently, $SHIB suffered a sharp sell-off alongside the broader market, which dragged the price to around $0.0000055 before a bounce from the local low. However, the recovery lost momentum and failed to break above the descending resistance near $0.0000065.
As a result, HolderStat stresses that price is now consolidating below the main descending trendline. In addition, the analyst suggested that a weak rising support line is forming beneath the price, creating a tightening compression zone that reflects fading bullish strength.
Further Downside for $SHIB
Per HolderStat’s analysis, the sloping trendline continues to act as dynamic resistance, reinforced by multiple prior rejection areas. If this level holds, HolderStat warns that $SHIB is likely to resume its downward move, with price potentially revisiting the $0.0000055 zone seen last week.
Conversely, a decisive breakout and sustained close above resistance would invalidate the bearish bias and signal a short-term trend shift. Until then, $SHIB remains technically fragile, with sellers maintaining structural control and downside pressure still favored.
Next Move
HolderStat’s analysis comes amid a recent market pullback. After trading near $0.0000062 yesterday, $SHIB quickly lost momentum and slipped to around $0.0000060. This reinforced the view that the bearish trend has dominated recent sessions.
At $0.000006018, the token is down 1.69% over the past 24 hours, extending its weekly decline to 12%. At the same time, $SHIB posts losses of 30.24% over the past 30 days and 13.2% year-to-date.
Technically, $SHIB faces immediate resistance at $0.0000065, with higher barriers at $0.00000705 and $0.00000847. Meanwhile, $0.00000562 stands as the nearest support zone.