Shiba Inu (SHIB) Price Struggles: Is a Rally Toward $0.00002370 Possible?
- Shiba Inu continues consolidation within a descending channel, indicating a critical turning point.
- Technical indicators suggest weak momentum, with RSI near oversold levels and limited buying pressure visible on the MACD.
- A strong hold above support could fuel a recovery move, with upside potential extending toward $0.00002370.
Shiba Inu (SHIB) is still in a downtrend with lower highs and lower lows, indicating that the bearish pressure is still evident, as evident from the technical indicators. Currently, the token is testing a crucial support area with low volatility.
At the time of writing, SHIB is trading at $0.000008085, supported by a 24-hour trading volume of $84.02 million and a market capitalization of $4.76 billion. Its price over the last 24 hours has slipped by 3.51% over the last 24 hours and 2.3% over the last week.
Source: CoinMarketCap
Also Read: Shiba Inu (SHIB) Reclaims 2021 Accumulation Zone: Can SHIB Spark Another Rally?
SHIB Technical Outlook Points to a Cooling Phase
Technically, SHIB has been in a downtrend since mid-2025, as the lower highs and lower lows are forming from the peak achieved at the start of the year. Additionally, the moving average ribbon is still bearish as the shorter-term averages continue to remain below the longer-term averages. It is currently testing the support level of $0.0000080.
Source: TradingView
Moreover, the technical indicators strengthen the bearish sentiment. RSI is at 35.07, indicating that SHIB is about to reach overselling levels but is far from it. MACD is flat or slightly negative, indicating no signs of intense buying. Thus, SHIB could witness further declines if the support of $0.0000080 is broken.
SHIB Support Test Signals Multi-Stage Rally to $0.00002370
Additionally, crypto analyst Jonathan Carter exposed that Shiba Inu is currently consolidating around a critical support area in a descending channel in the 2-day chart, indicating that the market is testing lower levels. It can be observed that the current market movement suggests that Shiba Inu is getting closer to a critical area of its downtrend.
Source: Jonathan Carter
If SHIB is able to sustain this support level and achieve positive momentum, the next target would be $0.00000885 for the short term. Other levels of resistance that need to be watched would be $0.00001150, $0.00001410, and $0.00001770, which are levels that the token would need to traverse to reach its medium-term destination. $0.00002370 would be an ultimate destination for the token.
Market sentiment seems to be increasingly positive, as traders continue to test the support zone. A confirmed bounce at these levels could result in gaining more attention from investors, which could increase trading volume. One should keep a close eye on trading patterns while remembering volatility in the crypto sector.
Also Read: Shiba Inu Poised for Explosive 1000% Surge Ahead
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