Key Points
- Shiba Inu trades near key support after 21.5% monthly drop.
- On-chain and sentiment data point to continued downside risk.
Shiba Inu is hovering around $0.0000053 after declining 21.5% in February, with its daily chart showing a clear bearish structure.
Each rebound has stalled below $0.0000065, where overhead supply and previously trapped buyers remain active.
Market sentiment remains fragile, as the Crypto Fear & Greed Index sits at 10 in Extreme Fear, according to Alternative.
Meme coins have faced stronger selling pressure during the recent risk-off environment, and only about one-third of SHIB’s trading sessions last month closed in positive territory.
Key Support and Resistance Levels
The token continues to form lower highs and lower lows, reflecting a short-term downtrend.
Price action is holding slightly above the $0.0000053 demand zone, though repeated tests have drawn limited buying interest.
A decisive break below $0.0000053 could expose the psychological $0.0000050 level as the next downside target.
On the upside, resistance appears near $0.0000058, followed by heavier supply around $0.0000060 and $0.0000066.
Technical indicators show relative weakness, with the RSI near 38, suggesting room for further downside before oversold conditions emerge.
The current structure indicates rallies below $0.0000060 remain vulnerable to renewed selling pressure.
On-Chain Activity and Market Flows
On-chain metrics add to the cautious outlook, with the Accumulation/Distribution line trending lower on the daily timeframe.
Data from CryptoQuant shows exchange inflows that are not consistently matched by strong withdrawals, a pattern often associated with potential selling activity.
Whale behavior appears mixed, with flows reflecting distribution rather than coordinated accumulation.
A recent 5.55% rebound toward $0.00000633 lacked sustained demand, indicating that supply may still outweigh buying interest in the near term.
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