- SHIB dropped to lowest level since January 2024, signaling extended bearish pressure.
- Technical indicators show weak momentum with sellers dominating below key moving averages.
- Next support sits near $0.0000075; a break could trigger deeper losses for SHIB.
Shiba Inu holders are feeling the sting as the token slides to its lowest point since January 2024. The meme coin now trades near $0.0000091 after a 5.25% drop in the last 24 hours. Unlike the quick rebounds of the past, this decline looks more like a steady bleed. Many traders are wondering if SHIB can still stage a comeback or if more pain lies ahead.
Technical Signals Hint at Prolonged Weakness
Recent charts show a bearish setup that has traders growing cautious. SHIB trades below three major moving averages — the 50-day, 100-day, and 200-day lines. This alignment usually signals that sellers control the market. Each attempt to regain momentum has met rejection, especially near the 200-day mark. The 200-day average has acted like an unbreakable ceiling since late summer. Every recovery effort has faltered at that level, driving prices lower.
The lack of strength among buyers highlights waning confidence and reduced appetite for risk. The Relative Strength Index sits near 32, suggesting an oversold condition. However, there’s no bullish divergence yet. That means traders see no clear signs of reversal forming soon. The trend has weakened steadily, and fears of another leg down are spreading.Volume levels confirm the same story.
Key Support Levels and the Road Ahead
The next critical support area lies between $0.0000075 and $0.0000080. This range served as a launchpad for last year’s mid-2024 rally. If SHIB falls below this zone, more selling could follow. The next target would sit near $0.0000065, wiping out the gains built in 2024. A drop to that level might trigger panic among remaining holders and push sentiment even lower. For now, buyers have shown little urgency to step in.
Market data reveals limited accumulation activity, suggesting few expect a quick turnaround. Confidence in the token’s short-term prospects continues to fade as broader interest in meme coins weakens. The project’s ecosystem has also lost some spark. Shibarium, the much-hyped layer-2 network, once promised major improvements. Early excitement, however, has cooled off as on-chain activity slowed. The lack of fresh use cases or partnerships has left SHIB without strong catalysts for growth.
That doesn’t mean recovery is impossible. Crypto markets often surprise investors when least expected. A broad market rebound or a sudden boost in Shiba Inu’s ecosystem could help revive sentiment. But for now, SHIB faces an uphill battle as technicals and fundamentals align against a quick recovery. In the short term, traders may watch the $0.0000075 zone closely. Holding above that level could stabilize the token and prevent further damage.
