Coinpaper
March 4, 2026 12:44 PM UTC

Shiba Inu Price Near $0.0000060 Faces Bearish Pressure as Resistance Holds

Shiba Inu price action remains under pressure despite brief intraday gains, reflecting a fragile market structure. Analysts indicate that the token’s recent movement lacks sustained bullish momentum. Market behavior suggests sellers continue to dominate key resistance zones. As a result, the broader outlook points toward a potential downside continuation. At the time of writing, Shiba Inu is trading at $0.00000609, up 6.01% over the past 24 hours. Technical Structure Weakens After Price Resistance Rejection Crypto Patel reported that Shiba Inu continues to show weakness on the 4-hour timeframe. The analyst noted that price recently faced rejection near near the $0.0000060 resistance zone. This level aligns with a higher-timeframe order block that previously capped upside attempts. According to the analysis, SHIB rallied to $0.00000628 on March 25 before encountering strong selling pressure. The token later retested the same zone, reaching an intraday high of $0.00000616 on March 30. However, sellers maintained control, preventing a breakout above resistance. Crypto Patel explained that repeated failures to break higher have shifted the market structure. Attempts to push upward now form lower highs, signaling weakening momentum. This pattern often indicates a bearish continuation trend. The analyst added that SHIB is currently retesting the order block near $0.0000060. If rejection occurs again, downward movement could accelerate. However, a 4-hour close above $0.00000630 would invalidate the bearish setup. Such a move could absorb selling pressure and shift momentum. Downside Targets and On-Chain Pressure Build Crypto Patel stated that downside targets now come into focus as liquidity zones attract price action. The first key level sits at $0.00000562, marked as having equal liquidity. This target lies about 6% below the current price of $0.00000602. The analysis identified the next major level at $0.00000523. This zone represents a draw on liquidity where large orders may execute. The move to this level would reflect a potential 12% decline from current prices. Meanwhile, on-chain data reinforces the bearish outlook. Exchange netflow has increased, indicating rising selling activity. Data shows net inflows surged by 2.5% to 161 billion SHIB within 24 hours. This rise occurred even as the token gained 3.7% during the same period. Crypto Patel highlighted that this divergence signals a sell-side bias among holders. Market participants appear to sell into short-term strength rather than accumulate. Additionally, exchange reserves have grown to 81.51 trillion SHIB, up from 81.32 trillion on April 1. Rising reserves often suggest increasing supply on trading platforms, which can pressure prices. The combination of technical rejection and growing sell pressure continues to weigh on Shiba Inu’s near-term outlook.