Shiba Inu ($SHIB) has entered a bearish formation that could press the price lower, while investors watch for a potential bullish reversal at a critical support level.
Technical Overview
The $SHIB/USD four‑hour chart reveals a rejection at a descending resistance trendline, forming a classic bear trap after the token revisited the supply zone around $0.00000520 on Monday. Momentum indicators reinforce this outlook, with the RSI displaying a bearish divergence: price made higher highs, yet the RSI recorded lower highs and lower lows.
An order‑block breakdown further supports the downside case; the $0.00000520 area aligns with a concentration of sell orders placed by smart‑money participants, indicating strong seller dominance. These technical signals collectively suggest that the bearish structure may persist unless bulls can reclaim the key level.
Market Outlook
Shiba Inu’s price remained almost flat in the last 24 hours, slipping less than 1% while the broader trend stays negative. The meme coin fell 2% on Sunday and ended the week 7.7% below its opening price, pushing its June decline past 15% and setting up the steepest monthly slide since December 2023.
If the price manages to break above the $0.00000520 resistance, investors could view the move as a bullish signal that may halt the downtrend. Until such a breakout occurs, market participants are likely to remain cautious, anticipating further price pressure on the cryptocurrency.