Shiba Inu failed to hold above $0.000005 as selling pressure increased near key resistance

Shiba Inu was unable to sustain a decisive break above the closely watched $0.000005 level, disappointing investors hoping for a lasting recovery. After signs of stabilization at the end of June, SHIB made a modest attempt to rebound, but each approach toward this threshold was quickly met with intensified selling pressure. As a result, the persistent weakness that has characterized the token in recent months again came to the forefront.

The technical outlook remains subdued

On the daily chart, SHIB continues to trade below all major moving averages. Both the 100-day and 200-day averages remain well above the current price, indicating the long-term trend has yet to turn bullish. Meanwhile, the 50-day exponential moving average continues to serve as a significant resistance area in the short term.

Shiba Inu, a meme coin based on the Ethereum network and supported by a large community, demonstrates that community enthusiasm alone is not sufficient to support its price. Technical levels and broader market risk appetite have proven more decisive in recent trends.

No change in the yearly trend

Most attempts at a recovery over the course of the year have ended with renewed selling. The most recent rejection is widely seen as a continuation of this pattern. On the technical side, the breakdown of the ascending wedge formation from March to May remains a key development reinforcing the bearish outlook.

Following this breakdown, SHIB has struggled to generate meaningful buying momentum. The latest upward move began only after prices approached local lows around $0.0000040. While buyers briefly managed a reaction from these levels, momentum faded quickly as SHIB neared the critical $0.000005 mark.

Trading volume fails to provide support

Trading volumes have also offered little support for a reversal. Compared to previous periods of sharp gains or declines that saw pronounced spikes in volume, recent activity has been relatively muted. This suggests the market remains cautious toward higher-risk assets.

For buyers, the primary short-term goal now is for SHIB to move above $0.000005 and sustain this level as support. Unless this occurs, brief rallies may simply establish a new lower high within the broader downtrend.

If selling pressure persists, SHIB is likely to test its recent lows again. Conversely, decisively overcoming local resistance is seen as necessary for buyers to regain at least short-term momentum.

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