Shiba Inu Falls 5.72% as Price Tests Key Technical Levels

Shiba Inu (SHIB) fell 5.72% in 24 hours to about $0.00000545, reversing an attempt to hold near $0.00000625 and placing the token near key technical levels.

SHIB closed at $0.00000549 on Oct. 7 (UTC), while its daily low reached $0.00000545. The token’s 24-hour relative strength index stood at 45.30.

Technical scenarios identify $0.00000530 as a breakdown level. A move below $0.00000450 is another downside scenario if selling intensifies. Potential upside markers at $0.00000650 and $0.00001000 depend on SHIB holding its current range and are not confirmed outcomes.

SHIB became available on Solana through Sunrise on Oct. 4. The listing preceded an increase in trading activity, including a 199% rise in 24-hour volume to about $101 million. The available market data does not establish that the listing caused the subsequent decline.

The token’s next test is whether it can hold above the $0.00000530 technical level as trading develops.