Shiba Inu (SHIB) Nears Key Support. Here’s What it Means for Price
Shiba Inu is trading sideways, hovering around crucial levels that could shape its price in the near term. The weekly support near $0.0000060 has become an important point for analysts because how the asset reacts here may indicate whether it can regain momentum or continue declining.
Despite ongoing token burns aimed at reducing supply, the token’s price has shown little response, reflecting broader weakness seen across the meme coin market.
Token Burn Proves Futile
According to TradingView analyst “Trade Logic AI,” Shiba Inu has remained largely unresponsive even as burn activity increases. Over the past 24 hours, approximately 3.5 million tokens were burned, a 35% rise compared to the previous day. While token incineration gradually reduces supply, the figure is still negligible relative to SHIB’s overall circulating supply in the trillions.
Meanwhile, heavy sell-offs continue to dampen price action, limiting any potential gains. The analyst also pointed out that the market appears dominated by short-term traders rather than long-term investors, and similar patterns are being noticed across the meme coin sector, with investor attention shifting toward larger altcoins.
Technical Indicators
Technically, SHIB is consolidating near the $0.0000060 support following a sharp decline to $0.00000507 on February 6. It has recovered slightly, but indicators show that the move is more of a temporary relief than a strong recovery. The Relative Strength Index (RSI) currently sits at 36.50, just above oversold territory but below neutral. This shows limited buying pressure in the market.
Volume analysis shows liquidity clustered slightly above current prices, suggesting SHIB could test the $0.0000066 to $0.0000070 range in the short term. However, if it meets resistance there, a pullback toward $0.0000055 to $0.0000050 is very possible.
Trade Logic AI noted that only a sustained close above $0.0000072 on the 4-hour chart would signal a stronger recovery, but anything moving below that could further push the token downward.
Shiba Inu’s next moves are closely tied to broader market trends. Until demand strengthens, any upward momentum is likely to be short-lived, leaving SHIB vulnerable to further declines. Investors should watch these key support and resistance levels carefully because they will largely influence the token’s near-term movement.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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