Shiba Inu (SHIB) Drops Nearly 10%, Retesting Pre-Rally Levels

Shiba Inu (SHIB) has dropped nearly 10%, falling back to pre-rally levels and wiping out its recent breakout gains.

Shiba Inu (SHIB) price has dropped sharply today, wiping out recent breakout gains and returning to pre-rally levels.

What Happened: Meme coin Shiba Inu (SHIB) has dropped nearly 10% in the past 24 hours and is currently trading at $0.00001273 at press time at Key Support.

Shiba Inu’s recent price surge was a classic fakeout—a short-lived rally that failed to sustain momentum and trapped bullish traders. Just days ago, SHIB showed potential for a bullish breakout as it broke above the 50-day Exponential Moving Average (EMA) and resistance at $0.00001400.

With eyes on the 100-day EMA at $0.00001640, traders were anticipating a trend reversal. However, buying pressure quickly faded, and SHIB was rejected, leading to a sharp decline that has now wiped out all short-term gains.

The biggest challenge facing Shiba Inu is its inability to maintain trading volume. While the rally sparked some interest, it lacked sustained demand. Current volume levels have flattened, signaling a lack of liquidity and buyer conviction needed for continued upward movement.

Shiba Inu is now trading around a critical support zone between $0.00001270 and $0.00001300. If this level fails to hold, the price may revisit the $0.00001200 range—a major accumulation area from March.

Technical indicators also paint a bearish picture. The Relative Strength Index (RSI) stands at 43.91, indicating weakening momentum and minimal chance of a near-term recovery.

Shiba Inu's Shibarium network is edging closer to a milestone of 1 billion transactions, but price action remains pressured. Without renewed interest or significant volume, SHIB risks further downside.

Shiba Inu Price Action: Shiba Inu is down 9.9% in the past 24 hours and has declined by 11.2% over the past seven days, according to Benzinga Pro.