Shiba Inu price outlook turns bearish as SHIB struggles below $0.0000060
- Shiba Inu (SHIB) faces selling pressure amid rising exchange inflows.
- The SHIB price remains stuck below the key $0.0000060 resistance.
- Breakdown below the support at $0.0000053 may trigger a drop below $0.0000050.
The price outlook for Shiba Inu (SHIB) is starting to tilt bearish as the token continues to struggle below the $0.0000060 level.
Recent price action shows that despite a brief attempt to push higher, momentum has faded quickly, leaving SHIB trading near $0.0000058.
Over the past 24 hours, SHIB has declined by around 3%, underperforming a weak crypto market.
While the broader crypto market pullback has played a role, the weakness in SHIB appears more pronounced, suggesting that internal factors are also driving the decline.
Selling pressure and fading confidence weigh on SHIB
One of the clearest signals behind SHIB’s weakness is the sharp drop in derivatives activity.
Shiba Inu’s Open interest has fallen significantly from its earlier highs, pointing to a steady exit of traders from leveraged positions.
Source: Coinglass
At the same time, on-chain activity shows a noticeable increase in tokens moving onto exchanges.
This trend is typically associated with selling intentions, as traders transfer assets to trading platforms when they plan to liquidate positions.
The combination of falling open interest and rising exchange inflows creates a strong bearish undertone.
This shift in behaviour suggests that the market is gradually leaning toward distribution. Without a reversal in these flows, it becomes difficult for the price to sustain any meaningful upside.
Broader market weakness adds to downside risk
The performance of Bitcoin has also played a role in SHIB’s recent decline. As the leading cryptocurrency edges lower, risk appetite across the market has weakened.
As a result, speculative assets like Shiba Inu (SHIB) tend to face greater pressure.
There is also clear evidence of capital rotating away from altcoins. Traders appear to be moving into more stable assets or stepping away from the market altogether.
This shift has hit meme coins particularly hard, as they rely heavily on strong sentiment and active participation.
As a result, SHIB is not just dealing with its own internal challenges but also navigating a less supportive macro environment.
Resistance holds firm as price struggles to break higher
Technically, SHIB remains trapped below a key resistance zone between $0.0000060 and $0.0000063.
Several attempts to push above this range have failed, with sellers consistently stepping in to cap gains.
A closer look at the price structure shows that SHIB is currently consolidating within a narrow band.
Support is forming around $0.0000052–$0.0000053, while resistance remains firmly overhead.
This range has tightened in recent sessions, reflecting a market that is waiting for a decisive move.
Source: TradingView
Notably, the inability to reclaim $0.0000060 is particularly important. This level has acted as a short-term barrier, and until it is flipped into support, any upward movement is likely to remain limited.
For now, the balance of risks appears tilted to the downside.
The ongoing selling pressure, combined with weakening market participation, suggests that SHIB may continue to struggle unless conditions change.
The post Shiba Inu price outlook turns bearish as SHIB struggles below $0.0000060 appeared first on CoinJournal.
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