Alex Dudov
⬤ Shiba Inu has been pulling back and is now consolidating around a critical support zone on the daily chart. Price action shows continued pressure from sellers, though momentum appears to be fading near the lower range boundary. The market is at a point where these support and resistance levels will likely determine what happens next.
⬤ SHIB is trading within a Fibonacci retracement structure, currently holding near the 0.618 to 0.786 zone around $0.0000075. This area has attracted buyers multiple times, helping slow the decline. But repeated failed attempts to push higher show that bulls aren't strong enough yet. Key resistance sits above at $0.0000085 and $0.0000090, where sellers have stepped in before.
⬤ The Chande Momentum Oscillator is still in negative territory, confirming bears still have the upper hand. Small bounces have appeared, but they've lacked follow-through, keeping SHIB capped below mid-range resistance. The setup looks more like consolidation than a clear directional move as traders reassess after the recent drop.
⬤ This phase matters for the broader meme-coin space since Shiba Inu often reflects overall sentiment. If current support holds, it could stabilize price and calm volatility short-term. A break below this zone could push SHIB toward lower Fibonacci levels. How price reacts at these technical boundaries will likely influence sentiment across speculative crypto assets in the near term.
Alex Dudov
