- Shiba Inu (SHIB) faces selling pressure amid rising exchange inflows.
- SHIB price remains stuck below the major resistance level of $0.0000060.
- A break below the support level at $0.0000053 could lead to a drop below $0.0000050.
Shiba Inu (SHIB) price forecast is starting to trend lower as the token continues to struggle below the $0.0000060 level.
The recent price action shows that despite the brief attempt at a rally, the momentum quickly faded, leaving SHIB trading near $0.0000058.
Over the past 24 hours, SHIB has fallen by about 3%, underperforming the weak cryptocurrency market.
While the broader decline in the cryptocurrency market played a role, the weakness in SHIB appears more pronounced, suggesting that internal factors are also driving the decline.
Selling pressure and fading confidence weigh on SHIB
One of the clearest signs behind SHIB’s weakness is the sharp decline in derivatives activity.
Open interest for the Shiba Inu has fallen significantly from its previous highs, indicating a steady exit of traders from leveraged positions.
Meanwhile, on-chain activity shows a noticeable increase in tokens moving to exchanges.
This trend is usually associated with selling intentions, as traders move assets to trading platforms when they plan to liquidate positions.
The combination of lower open interest and higher exchange flows creates a strong bearish tinge.
This shift in behavior indicates that the market is gradually tilting towards distribution. Without a reversal in these flows, it becomes difficult for the price to maintain any meaningful uptrend.
Broader market weakness adds to the downside risks
Bitcoin performance It also played a role in SHIB’s recent decline. As leading cryptocurrencies decline, risk appetite across the market has weakened.
As a result, speculative assets such as Shiba Inu (SHIB) tend to face greater pressure.
There is also clear evidence of capital turnover away from altcoins. It seems that traders are moving to more stable assets or moving away from the market altogether.
This shift has affected meme currencies particularly hard, as they rely heavily on strong emotions and active engagement.
As a result, SHIB is dealing not only with its internal challenges, but also with a less supportive macro environment.
Resistance is fixed as the price struggles to move higher
Technically, SHIB remains trapped below the major resistance zone between $0.0000060 and $0.0000063.
Several attempts to push above this range have failed, with sellers constantly intervening to limit gains.
A closer look at the price structure shows that SHIB is currently consolidating within a narrow range.
Support is forming around $0.0000052 – $0.0000053, while resistance remains firmly above.
This range has narrowed in recent sessions, reflecting the market waiting for a decisive move.
It is worth noting that the inability to recover $0.0000060 is of particular significance. This level has acted as a short-term barrier, and until it is converted into support, any upward movement will likely remain limited.
Currently, the balance of risks appears to be tilted towards the downside.
Continued selling pressure, coupled with weak market participation, suggests that SHIB may continue to struggle unless conditions change.
