- SHIB holds near critical support at $0.000011 as the broader market turns bearish.
- Whale wallet data and realized losses indicate growing investor pessimism and increased.
- Technical indicators remain bearish, with RSI near oversold levels and MACD signaling potential for further downside.
- A breakout above $0.000011 could push it toward the $0.000013 resistance, but failure to hold may lead to a retest of April lows.
Shiba Inu (SHIB) is on the verge of breaking out and moving above its crucial support around $0.000011 against the severe market conditions. The overall market is affected badly by the Iran and Israel conflict and the BTC’s movement around its key support level.
The SHIB price is now eyeing $0.000013, which is known as a strong resistance area, and expecting a bullish reversal to get the maximum bonus. At the time of writing, SHIB is trading at $0.00001156 with a 24-hour trading volume of $91.34M and a market capitalization of $6.81B.
Its price over the last 24 hours is up by 0.46%, and over the last week its price has been hit by market volatility, and it is down by 3.52%, but also showing high potential for further upward momentum.
Source: CoinMarketCap
SHIB Under Pressure: Is $0.000010 the Next Stop?
However, according to the technical analysis, SHIB continued its downward trajectory as global risk sentiment weakened. The ongoing Iran-Israel conflict and uncertainty surrounding potential U.S. economic policy changes under former President Donald Trump are weighing heavily on investor confidence.
As capital exits high-risk assets, speculative cryptocurrencies like SHIB are seeing increased selling pressure, with the token trading near key support at $0.000011.
On-chain data reinforces the bearish momentum. The NPL indicator for Santiment decreased heavily, by -346,000 to -211.2 million, during Sunday and Monday, and its owners are taking losses, and that’s a sign of dwindling optimism.
Whale wallet analysis also suggests distribution, with large 100,000 to 100 million SHIB holders cutting their positioning during the week. These are signs of large-scale risk aversion and a shift away from meme coins due to increased volatility.
SHIB faces mounting downside pressure amid bearish signals. The token was rejected by both the 50-day EMA and a descending trendline on June 13 and fell abruptly by 14%. Even though the coin recovered initially at the $0.000011 support, key indicators remain negative. The daily RSI is 34, and there are signs of oversold conditions with nothing to turn around.
Source: X
While the MACD continues to slide to the downside. With six consecutive red candles for the week and the weekly MACD already trending towards a bearish crossover, it may retest the April low of $0.000010 again. On the flip side, if SHIB regains strength, it should continue to make a comeback to its subsequent weekly resistance at $0.000013.
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