Shiba Inu (SHIB) Slips Toward Key Support as Bearish Trend Strengthens

Shiba Inu (SHIB) continues to face strong selling pressure, now trading around $0.00001168 after failing to establish solid support in recent sessions. The meme coin remains highly vulnerable to a potential drop toward $0.00001050, or even $0.00001000, a psychologically significant level for traders. Technical indicators paint a bleak picture—SHIB remains trapped beneath its 26 EMA, 50 EMA, 100 EMA, and 200 EMA, all of which are sloping downward, signaling that the downtrend is still firmly in place.

Investor confidence appears to be fading as buying volume dries up, and the token’s failed attempt to break past the $0.00001270 resistance zone has further weakened bullish sentiment. The rejection at that level highlights the lack of momentum needed for a breakout, leaving SHIB hovering just above $0.00001150—more a short-term holding zone than a stable support line.

Market-wide meme coin sentiment has also turned cautious, with few if any bullish catalysts on the horizon. Without a significant shift in market dynamics, SHIB remains at risk of further losses, especially if it breaches the $0.00001050 level.

Still, a reversal isn't entirely off the table. A broad market rally or a strong SHIB-specific catalyst could revive bullish momentum. If SHIB reclaims the $0.00001200–$0.00001270 range with convincing volume, it could pave the way for a move toward $0.00001500. However, in the absence of renewed buying interest, the odds currently favor continued downside.

This technical setup and weakening market sentiment suggest traders should stay alert for signs of breakdown or any surprising bullish developments that might shift the narrative.