Shiba Inu (SHIB) is facing sustained selling pressure, with technical analysis pointing to a potential retest of the $0.0000055 support level. Analyst HolderStat, examining the 30-minute SHIB/USDT chart, notes that the token remains confined within a descending trendline structure characterized by lower highs and lower lows, confirming ongoing bearish control. SHIB recently bounced from a local low near $0.0000055 but failed to break above the key descending resistance near $0.0000065.
The price action has formed a tightening compression zone below the main trendline, with a weak rising support line beneath it, indicating weakening bullish strength. HolderStat emphasized that the sloping trendline acts as dynamic resistance, reinforced by multiple prior rejections. "If this level holds, SHIB is likely to resume its downward move," the analyst stated, targeting a revisit to the $0.0000055 area.
This analysis comes amid a broader market pullback. At the time of reporting, SHIB was trading at $0.000006016, down 1.59% over 24 hours. The token has declined 12% over the past week and 30.24% over the past month, with year-to-date losses at 13.2%. Immediate resistance is identified at $0.0000065, with higher barriers at $0.00000705 and $0.00000847. The nearest critical support lies at $0.00000562.
Concurrently, shorter-term data shows SHIB trading in a tight range between $0.056029 and $0.056389 (note: this appears to be a different price quote convention), with a 2.3% increase over 24 hours. Despite this minor gain, momentum remains neutral with the RSI at 50.56, and the MACD line below its signal line, indicating underlying bearish pressure. The token struggled to breach the $0.056389 resistance level, with compressed candles showing market hesitation.
Analyst cryptoshibs notes that SHIB faces resistance and neutral momentum, making a highly speculative target like $1 within 30 days extremely unlikely. SHIB's performance has been modestly aligned with Bitcoin (BTC) and Ethereum (ETH), showing a 1.0% gain against BTC and a 2.1% gain against ETH, reinforcing that its movement is driven by localized technical levels rather than significant external divergence.
