Just When It Seemed Poised to Rise... Shiba Inu Hangs by a Thread Under Heavy Selling Pressure
Just When It Seemed Poised to Rise... Shiba Inu Hangs by a Thread Under Heavy Selling Pressure
Shiba Inu (SHIB) is breaking below major support levels one after another, heightening the risk of plunging to $0.0000055, the lowest point of the previous bear market, amid intense selling pressure.
According to The Crypto Basic on February 10 (local time), sellers have fully seized control on higher time frames, accelerating the pace of decline. SHIB has recently been trading around $0.0000061, posting losses of more than 30% over the past month. Broader weakness across the cryptocurrency market, including Bitcoin (BTC), combined with drying liquidity in the memecoin sector, is further amplifying downside pressure on SHIB.
From a technical analysis perspective, indicators across the board are warning of additional downside. SHIB’s Relative Strength Index (RSI) stands at 34.75, nearing oversold territory, but buying interest remains far too weak to reverse the downtrend. The Moving Average Convergence Divergence (MACD) continues a bearish crossover below the neutral line, while the price remains below the 20-day, 50-day, and 200-day moving averages, making it difficult to find short-term rebound momentum.
On-chain data also clearly reflect growing investor anxiety. Data from blockchain analytics platform Arkham show a sharp increase in SHIB inflows to exchanges, accumulating potential sell-side supply. In particular, the decline in futures open interest suggests that traders are closing positions and shifting to a wait-and-see stance in anticipation of further losses. SHIB’s market capitalization has shrunk rapidly alongside the price drop, and 24-hour trading volume remains subdued compared with previous boom periods.
The most concerning issue is whether the psychological support level at $0.000006 will hold. Analysts warn that if this zone fails to be firmly defended, the next downside target could be a vertical drop to $0.0000055. The $0.0000055 level served as a strong support base and historical low during past downturns. If this level also collapses, SHIB could endure a painful process of retesting the year’s low around $0.0000051.
Shiba Inu is currently fighting for survival in a sell-dominated market environment as it approaches a new inflection point. Whether it can build a base around $0.000006 and attempt a technical rebound, or be pushed lower by large-scale sell-offs, will depend on price action in the coming days. Investors are advised to focus on risk management by confirming support stabilization rather than rushing into premature buying until market direction becomes clearer.
*Disclaimer: This article is for investment reference purposes only, and no responsibility is taken for investment losses based on it. The content should be interpreted solely for informational purposes.*
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