Shiba Inu (SHIB) continues to exhibit signs of technical weakness as its price slides below a critical support level, placing the $0.000069 mark firmly in sight. The recent breakdown from a months-long consolidation range suggests that bearish pressure is intensifying, and unless bulls step in with conviction, the downtrend could deepen.
For several months, SHIB traded within a well-defined horizontal range, fluctuating between upper resistance and lower support levels. This price channel, which began forming in early February, offered a temporary balance between buyers and sellers. However, that equilibrium has now been broken. SHIB has decisively breached the lower boundary of this range, indicating that sellers have regained control of the market.
The recent drop below the support zone has shifted market sentiment to bearish and invalidated the previously established consolidation structure. The former range low, once a reliable floor, now acts as resistance. Without a strong bullish reversal and sufficient buying volume to reclaim this level on the daily chart, the market bias remains tilted toward further downside.
Currently, price action is targeting the $0.000069 level — a former swing low and a zone where historical liquidity has previously supported a bounce. This level now serves as a crucial test for SHIB’s resilience. If demand does not reappear here, a deeper correction may unfold, potentially driving the price into untested demand areas below.
Volume analysis provides additional insight into the bearish momentum. The breakdown occurred with weak bullish participation, signaling a lack of conviction from buyers. Rebounding from this level would require not just a price reaction but also a notable uptick in volume, indicating accumulation from market participants.
In the short term, the outlook for Shiba Inu remains bearish as long as the asset trades below its former range low. A move toward $0.000069 appears increasingly likely, and unless a strong recovery emerges around that area, the possibility of further losses cannot be ruled out. However, if support is found at this level, a temporary rebound may develop, potentially offering short-term relief for holders.
It’s important to recognize that the $0.000069 level isn’t just a psychological threshold — it’s also a key structural level on the chart. Previous price action around this area has shown increased trading activity, suggesting that it could act as a magnet for liquidity. Whether this translates into a bounce or further breakdown depends largely on broader market sentiment and SHIB-specific catalysts.
Moreover, macroeconomic factors and the overall state of the cryptocurrency market could play a pivotal role in SHIB’s next move. A broader recovery in risk-on assets might provide the tailwind needed to stabilize SHIB’s price. Conversely, if general market weakness persists, SHIB could struggle to maintain even the $0.000069 support.
Traders should also monitor Bitcoin and Ethereum, as their price trajectories often influence the altcoin market. If leading cryptocurrencies remain under pressure, smaller assets like SHIB may face amplified volatility and downside risk.
Looking at the daily RSI (Relative Strength Index), SHIB has entered oversold territory, which may hint at a short-term relief bounce. However, oversold readings alone are not sufficient to confirm a reversal. A confluence of technical signals, including bullish divergence and a reclaim of broken key levels, would be more reliable indicators of a trend shift.
Additionally, the broader memecoin sector has been underperforming in recent weeks. With investor sentiment shifting toward more fundamentally driven projects, speculative assets like SHIB may find it harder to attract sustained attention without fresh catalysts such as ecosystem developments or high-profile endorsements.
For long-term investors, the current correction could be viewed as a potential accumulation phase — but only if SHIB manages to establish a solid support base and shows signs of renewed momentum. Risk management remains essential, as further downside cannot be discounted in the current environment.
In summary, Shiba Inu is on course to retest the $0.000069 support level following a breakdown from its established range. Unless the market sees significant buying interest at this level, the bearish trend may continue. Traders and investors alike should closely monitor price behavior and volume dynamics around this threshold to gauge the likelihood of either a rebound or a deeper decline.