Shiba Inu has once again captured the spotlight, but this time not just for its meme status. The last few weeks have painted a turbulent picture for SHIB price, shifting sentiment from hopeful recovery to cautious defense at critical support zones.
As market fatigue sets in across the meme coin sector, traders are monitoring every technical move, questioning whether the Shiba Inu price can truly break free from its bearish grip or if further declines await.
One of the most pressing narratives surrounding the Shiba Inu price is the struggle of its layer-2 solution, Shibarium. As per DeFillama, the Shibarium network’s total value locked stands at just $883,449, barely holding above the $1 million mark. This figure has been sliding since February’s peak above $6 million.
The lackluster TVL signals that DeFi adoption on Shibarium is falling short and thus fails to validate the long-term utility narrative for SHIB. Successively, the low DEX volume ($8,798 in 24 hours) further confirms that on-chain activity is muted.
Zooming into the charts, SHIB price currently sits at $0.00001018, marking a -1.14% drop in the last day. Trading volume in the past 24 hours totals $151 million, down 2.89%, hinting at weakening enthusiasm among both buyers and sellers. The price bounced off a 24-hour low at $0.00001002 and failed to clear resistance near its daily high of $0.00001041.
A pivotal technical observation is that SHIB broke below its 7-day SMA at $0.00001021. This move, coupled with rejection at the 23.6% Fibonacci retracement level $0.000011688, reflects persistent selling pressure from bears. Both MACD and RSI indicators paint a cautious outlook, with MACD showing weak bullish momentum and RSI lingering near 41, leaving room for further downside.
Most importantly, traders are consistently defending the key $0.0000095 support level. Although recovery attempts are stalling beneath the 200-day SMA at $0.000012712. The presence of a death cross since September reinforces the idea that bearish sentiment is still firmly in control.
The SHIB price trades below its weekly average, facing resistance at the 23.6% Fibonacci level. Weak technical indicators and a death cross imply a bearish trend for now.
Shibarium’s TVL remains below $1 million, signaling weak utility growth and limited DeFi adoption. Most activity in the ecosystem is muted, dampening its utility-driven upside.
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