SHIB Price Struggles Near Critical Support After Recent Sell-Off
Shiba Inu (SHIB) faced a sharp 8% decline in the past 24 hours, with the token now consolidating near $0.00001283 as shown on the 4-hour trading chart. The latest pullback comes amid broader market weakness, placing SHIB at a decisive technical crossroads.
The chart highlights a clear descending resistance trendline that capped multiple rally attempts since late July. After briefly reclaiming the $0.00001450 zone, SHIB encountered selling pressure, sending prices back toward the green support band near $0.00001250–$0.00001280.
According to BITX crypto analysts, this range has acted as a strong accumulation zone in recent weeks. “If Shiba Inu holds above this green zone, buyers may attempt another breakout toward $0.00001350,” . “But losing this level could expose SHIB to deeper retracements toward $0.00001150.”
The red supply zone around $0.00001350–$0.00001380 remains a major obstacle for bulls. Previous attempts to break higher have been rejected at this resistance, aligning with broader market weakness in memecoins.
Trading volume shows declining activity, suggesting hesitation among both buyers and sellers. BITX Analysts stress that SHIB’s next move depends on whether bulls can defend the highlighted support. “A decisive daily close below $0.00001250 would signal weakness, while reclaiming $0.00001380 could reignite bullish sentiment,” said BITX technical expert.
For now, Shiba Inu is stuck between strong supply and demand zones, leaving traders cautious. With the token already down nearly 8% in the last session, the upcoming days could determine whether SHIB stabilizes or continues sliding.
Despite the short-term challenges, SHIB remains among the most actively traded altcoins, with a large retail following closely monitoring support levels. How SHIB reacts to this technical setup will shape its near-term momentum.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.