Shiba Inu (SHIB) has been on a downward trend in recent weeks, with its price dropping by over 34% since February. This latest movement has drawn some attention amongst investors, mainly because the token is approaching a support level. Besides, other metrics support the notion that SHIB price is likely to remain under selling pressure in the next several days.
Shiba Inu’s Price Decline Since February
Shiba Inu’s price has shown a consistent decline since hitting a high of $0.00001894 in February 2025. As of mid-March, the token is trading around $0.00001251, marking a significant decrease in its value.
For several weeks, the coin has failed to have a continuous upswing of prices, but rather has short-lived upward movements followed by declines.
The recent bearish move on SHIB was amplified after the asset staged a very short-lived recovery attempt. Last week it reached an intraweek low of $0.00001082 before recovering to $0.0000138, a 26% bounce back. Nevertheless, this decisive rise was short-term and the price began to decline, now the coin is trying to hold on to key levels. However, with the exchange reserves hitting an all time low, Shiba Inu may be bracing for a recovery.
Death Cross Pattern Points To Further Downside
One of the technical indications that has raised concern about Shiba Inu price trend to the traders is the “Death Cross”. This pattern occurs when the 50-day moving average (MA) falls below the 200-day moving average (MA) suggesting a bearish trend.
On the SHIB/USD chart, it has recently occurred and this means that the short term trend is bearish.
The Death Cross is considered as a bearish signal, indicating that the price may continue to go lower in the short term. Additionally, the price is below both the 50 day and 200 day moving averages, which supports the notion that selling pressure may increase. The lower band of the Bollinger Bands, which is at $0.00001123, is also seen as a potential target for SHIB in the coming days, adding to the bearish outlook.
Whale Activity and Market Sentiment
According to new findings, Shiba Inu has been linked to the early holders or whales through price fluctuations patterns. As per the on-chain market analysis data by Glassnode, the whales held 20% of the overall supply of Shiba Inu before the beginning of the 2021 bull phase.
It also means that these large holders have been instrumental in influencing the price of SHIB, especially where they buy or sell the token in large volumes
The current SHIB price action is being watched to see if whales will bring about some changes to the market. If these early holders begin selling more of their SHIB holdings, it can further contribute to the downward trend.
During this price decline, the $0.00001 price level is considered to be the critical support level. Nevertheless, over the past month, SHIB has only briefly dipped below this level and has immediately rebounded, which can be seen as a sign that there is demand at this price.
Nonetheless, to turn the tides in its favor, SHIB must at least regain the $0.000013 threshold as it slowly navigates towards a scope of a bullish market. Failure to breach this resistance level will keep the Shiba Inu price range confined below, possibly retesting the lower support barriers.
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