Shiba Inu (SHIB) has experienced a dramatic price reversal following a brief bullish breakout in early September 2025. The token initially surged to test the critical resistance zone around $0.000015, breaking out from weeks of consolidation in a tightening wedge pattern with rising trading volume. However, momentum quickly stalled due to strong selling pressure and lack of market conviction, causing SHIB to fall back below the $0.000015 mark.
The technical picture turned particularly concerning when SHIB failed to hold above the 200-day Exponential Moving Average (EMA), a key long-term trend indicator. The daily close below this level suggests potential further decline toward the $0.000012 support zone, with the possibility of testing $0.000010 if bearish pressure accelerates.
On-chain metrics paint an equally bearish picture, with exchange netflows crashing by over 70%, indicating significantly reduced accumulation pressure. More troubling is the exchange inflow data showing 1.5 billion SHIB (seven-day mean) being deposited on exchanges, typically a precursor to selling activity. The RSI indicator also shows a moderate cooldown after recently entering overbought territory, supporting the need for caution.
The macro context adds to concerns as Bitcoin remains range-bound around $115,000 with little follow-through, leaving speculative altcoins like SHIB vulnerable due to their reliance on speculative inflows. Additionally, decreased activity on Shibarium, SHIB's layer-2 scaling solution, further dampens investor enthusiasm.