Shiba Inu (SHIB) continues to struggle as the memecoin trades under pressure despite a broader recovery in the cryptocurrency market.
At the time of writing, Shiba Inu was trading at about $0.00000549, after a decline of roughly 2.9% over the past 24 hours.
Shiba Inu has dropped about 6.2% in the past week, while losses extend to 12.5% over the last two weeks.
Notably, the price has been moving within a narrow daily range between $0.000005454 and $0.000005661, showing that traders remain cautious.
SHIB burn activity stalls for two consecutive days
One development that has caught the attention of the community is the sudden slowdown in the Shiba Inu burn rate.
The burn mechanism is designed to reduce the token supply by sending coins to inaccessible wallets where they cannot be spent again.
This process is often viewed by supporters as a way to gradually increase scarcity and potentially support the price over time.
However, recent data shows that the burn rate has been stuck at zero for two consecutive days.
This means no measurable reduction in supply has been recorded during that period.
Even though some small transfers to burn addresses were reported, the amounts were too small to move the official burn metric.
Earlier in the week, the burn rate briefly surged by an extremely large percentage.
That spike appeared dramatic at first glance, but ultimately represented less than one million tokens removed from circulation.
Such fluctuations highlight how inconsistent burn activity can be in the Shiba Inu ecosystem.
Periods of sudden spikes are often followed by days where little or no burning takes place.
For traders, the lack of meaningful burn activity removes one of the narratives that occasionally fuels short-term optimism, and the market focus shifts back to technical indicators and broader crypto sentiment.
Weak momentum keeps SHIB in a downward channel
Shiba Inu’s price structure suggests that the asset is still moving inside a broader bearish trend.
The coin remains far below its all-time high of $0.00008616, which was reached during the height of the meme coin rally in October 2021.
That peak now serves as a reminder of how much value the token has lost during the prolonged market correction.
Over the past few weeks, the memecoin has attempted several rebounds, but each rebound attempt has been relatively small and quickly met with selling pressure.
This pattern often signals that the market lacks strong bullish conviction.
Trading activity has also remained relatively muted, which typically occurs when investors prefer to wait for clearer signals before committing capital.
Shiba Inu price forecast
For now, Shiba Inu appears to be stuck in a consolidation phase within a broader downtrend, and such phases can last for extended periods before a decisive breakout occurs.
Focus is currently on a key support level around $0.0000054, which the price is hovering close to.
If the token manages to hold this support zone, it could attempt a gradual recovery.
In case of a recovery, then traders should keep their eyes on the resistance near $0.0000068.
A breakout above this resistance could then push the price toward the $0.00001 psychological level and beyond that point, additional resistance levels appear around $0.000013, $0.000016, and $0.000022.
A sustained rally could eventually target the $0.000033 region, which some analysts view as a potential long-term upside zone.
On the downside, a clear breakdown below $0.0000054 would likely reinforce the bearish trend.
Such a move could trigger further selling as traders reassess the strength of the current support structure.
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