Market structure on the weekly chart paints a stark picture: sellers keep pressing prices lower, yet the meme-token stubbornly clings to that same support line, creating a descending triangle that normally precedes a deeper slump. A decisive close beneath this shelf would open the door to the $0.0000054 area\u2014a zone last visited before the 2021 mania\u2014effectively halving today\u2019s price.<\/p>\n
Momentum indicators reinforce the bearish script. The relative strength index sits in the high-30s, signaling persistent distribution rather than bargain hunting. Meanwhile, Shiba Inu floats more than 50 percent below its 50-day simple moving average, and that moving average caps the triangle\u2019s down-sloping ceiling. Until price reclaims that barrier, short-term sentiment stays negative.<\/p>\n
On-chain signals look no healthier. Shibarium, the project\u2019s layer-two network, saw total value locked tumble from about $3.1 million in mid-May to under $1.9 million, according to DeFiLlama\u2014nearly a 40 percent retreat that hints at fading user engagement. Derivatives traders have also turned defensive: funding rates tracked by Coinglass slipped to their lowest reading in a month as speculators piled into short positions.<\/p>\n