- Shiba Inu (SHIB) trades near $0.00000476 with weak short-term momentum.
- Shiba Inu burn activity has dropped to about $5 worth of SHIB daily.
- SHIB’s price remains below all major EMAs, maintaining a bearish trend.
Shiba Inu is trading at $0.00000476, holding a tight range between $0.000004638 and $0.000004789 over the past 24 hours.
The memecoin has remained under pressure in recent sessions, with a -0.4% daily change, extending a broader weakness that has seen it fall 17% over the past 30 days and nearly 59% over the past year.
Market activity, however, remains elevated, with 24-hour trading volume at roughly $54.7 million.
SHIB price structure tightens as support zone comes under pressure
Shiba Inu is testing a support region around $0.0000046, while a deeper support level sits at $0.00000430.
On the upside, resistance is forming near $0.0000048, with a further barrier at $0.00000491.
Notably, SHIB is trading below all major daily exponential moving averages (EMAs), including the 10-day, 20-day, 50-day, 100-day, and 200-day EMAs.
This alignment places the broader trend firmly in bearish territory, with no short-term average currently supporting price from below.
In addition, out of 23 tracked technical indicators, 13 are bearish, 9 neutral, and only 1 bullish, giving bears roughly 57% control of the signal distribution.
The RSI (14) sits around 35.47 on the daily chart, while the weekly reading is near 35.68, both pointing to nearly oversold conditions.
While this does not confirm a reversal, it does suggest the market is approaching levels where short-term reactions have historically occurred.
A close below $0.00000455 would expose SHIB to lower support levels, while a recovery above $0.0000048 would be required to shift short-term momentum toward $0.00000507.
Burn activity and Shibarium engagement decline
Shiba Inu token burn activity has weakened significantly.
Data from the Shibburn website shows that daily burns have fallen to extremely low levels, with estimates indicating only around 1 million SHIB burned per day, valued at roughly $5.
Weekly burn totals remain similarly small, around 15 million SHIB, worth approximately $75.
At current levels, the burn activity has minimal effect on SHIB’s total supply dynamics.
The scale of the supply reduction is too small to influence price behaviour in the short or medium term, especially during periods of weak demand.
Shibarium activity has also shown limited market impact recently.
While the Layer-2 network continues to process transactions, there has been no measurable effect on SHIB price stability or upside momentum in recent trading sessions.
The lack of strong network-driven demand has left price action largely dependent on broader market sentiment and technical levels.
Exchange flows show accumulation, but price response remains weak
Exchange flow data presents a mixed picture.
CryptoQuant has stated that total SHIB exchange reserves have dropped below 80 trillion tokens.
Net outflows of approximately 266 billion SHIB in 24 hours have been recorded, suggesting that holders are moving tokens off exchanges, a behaviour often associated with accumulation or longer-term holding.
Despite this, the Shiba Inu price has not reacted strongly to the shift in flows.
SHIB continues to trade near the lower end of its recent range, indicating that buying pressure has not yet outweighed broader selling activity.
This divergence between on-chain accumulation and price response highlights a market that is still waiting for stronger confirmation from demand-side activity.
The post Shiba Inu (SHIB) struggles near key support as burn rate and Shibarium activity weaken appeared first on CoinJournal.
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