Shiba Inu (SHIB) faces a critical moment as the token hovers near the $0.000011 support level. After a 9% decline over the past week, the token trades at $0.00001176, with its market capitalization holding steady at $6.93 billion. This figure aligns with both its fully diluted valuation and unlocked market cap, showing that nearly all tokens are circulating.
Despite this, trading activity has slowed significantly, with 24-hour volume falling 42.47% to $110.6 million. The volume-to-market-cap ratio now stands at 1.68%, signaling subdued investor participation.
Symmetrical Triangle Consolidation
Since May, SHIB has been consolidating within a symmetrical triangle, a pattern often signaling an imminent breakout. At present, the token is testing a pivotal support level near $0.000011, which coincides with the 0.236 Fibonacci retracement. This support has historically acted as a key pivot for price movements, making it a decisive point for the token’s next directional push.
SHIB/USD daily price chart, Source: TradingView
Failure to maintain this support could shift market sentiment toward bearish territory. A breakdown below $0.000011 may intensify selling pressure, with the next downside target around $0.000010. This level aligns with the broader ascending support trendline, suggesting buyers could lose control if the token dips further.
Conversely, holding this support could pave the way for a rebound toward $0.000013, near the 50% Fibonacci retracement, representing potential upside of roughly 14% from current levels.
Technical Indicators Show Mixed Signals
SHIB/USD daily price chart, Source: TradingView
The MACD line remains below its signal line, while the histogram sits in negative territory, indicating ongoing bearish momentum. Traders may interpret this as a sign of continued selling unless buyers step in to reverse the trend.
Meanwhile, the RSI sits at 46.64, reflecting a near-neutral market. This level indicates neither extreme buying nor selling pressure, leaving room for movement in either direction.
Liquidation Levels Highlight Balanced Pressure
Source: Coinglass
Analysis of SHIB’s liquidation heatmap reveals significant clusters around $0.000012 and $0.0000111. These green-yellow zones indicate concentrated leveraged positions, meaning that aggressive price movements could trigger cascading liquidations.
Since liquidity pools are balanced on both sides, the token may continue range-bound trading until either buyers push above $0.000012 or sellers break below $0.0000111.
SHIB Futures and Open Interest
Source: Coinglass
Shiba Inu futures open interest has eased after previous surges, dropping from highs of over $500 million to approximately $177 million. This decline signals lower speculative activity, reduced momentum, and a market in consolidation. Typically, contraction in open interest precedes sideways trading, as participants wait for stronger signals before initiating new positions.
ETF Absence Highlights SHIB’s Limited Institutional Appeal
Another factor affecting SHIB’s momentum is its absence from U.S. spot ETF filings. While rivals like Dogecoin and other meme coins have received multiple ETF proposals, SHIB has largely been ignored by prospective issuers. This indicates a diminishing perception of SHIB’s relevance among institutional investors, which could weigh on market sentiment.
Source: https://coinpaper.com/11316/shiba-inu-consolidates-after-9-drop-can-buyers-defend-0-000011
