"Already down 90% from its peak"...Shiba Inu, when will it escape the downturn?

▲ Shiba Inu (SHIB)

An analysis suggests that Shiba Inu (SHIB), which has fallen by more than 90% from its 2021 peak, needs a clear structural change to break out of its long-term resistance structure.

The Crypto Basic reported on May 21 (local time) that Shiba Inu is moving below a long-term resistance structure, and despite several recovery attempts in recent years, the overall trend has shown a pattern of lower highs.

TradingView analyst Dukes analyzed that Shiba Inu is currently hovering around the key support level of $0.00000600 on the monthly chart. This area has been identified as a critical technical price level that has prevented further declines multiple times since early 2021. For Shiba Inu to reclaim its all-time high of around $0.00008854, an increase of over 1,400% is needed.

Dukes noted that Shiba Inu failed to maintain its position above the $0.0000070 resistance level on the weekly chart. Last week, Shiba Inu rose to $0.0000067 intraday but then fell by more than 12% to $0.00000582. Dukes emphasized that if Shiba Inu fails to decisively break through $0.0000070, bearish forces will continue to dominate the market trend.

Another key resistance level was identified around $0.0000100. Shiba Inu is currently trading below the downward-sloping 21-week exponential moving average, located at $0.00000667. This line limited last week's rebound and has acted as dynamic resistance, preventing Shiba Inu's upward attempts since early 2025. The Relative Strength Index remained below 50, indicating that bearish conditions are dominating the overall trend, and while the Stochastic Relative Strength Index showed some recovery from the oversold zone, there was a lack of strong signals to confirm a sustained reversal.

A 4-hour chart analysis by Aurex Finance suggested the possibility that Shiba Inu is attempting to stabilize after completing its corrective structure. On May 15, Shiba Inu broke below a multi-week ascending channel. Aurex Finance analyzed that the downward trend had completed an Elliott Wave extended flat correction, marked by an A-B-C structure. This pattern began with a drop below the $0.0000059 support line on April 29, created a strong recovery wave up to $0.0000066 on May 11, and then the final C wave led to the channel breakdown.

Aurex Finance analyzed that the corrective wave appears to be exhausted, and Shiba Inu has begun to stabilize at its current support level. The chart suggested a trend where Shiba Inu might attempt to rebound to price levels above $0.00000720 after attempting to reclaim the channel.

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