Recently, Shiba Inu (SHIB) continued its weak consolidation, currently trading around $0.00000571. It has slightly decreased by 0.66% over the past 24 hours, with a 24-hour trading volume of approximately $98.34 million. In the short term, it is clearly affected by the overall crypto market’s risk aversion sentiment and selling pressure. On-chain data shows that over 531 billion SHIB tokens have previously been transferred to exchanges, indicating a significant sell signal. The price is under pressure at the key support level of $0.00000600. The 14-day RSI is approaching the oversold zone, but buying momentum remains weak.

Despite the short-term downturn, the SHIB ecosystem still has technical developments supporting long-term expectations. Its Layer 2 network Shibarium is advancing L3 expansion and FHE privacy technology integration. Additionally, token burn activities continue, tightening supply and potentially supporting future market performance. The current market focus remains on the trend of mainstream cryptocurrencies and macro factors such as inflation and interest rate hike expectations. If Bitcoin stabilizes and rebounds, boosting risk sentiment, SHIB may see a recovery. In the short term, attention should be paid to whether it can break through the support level of $0.00000589 and the resistance at $0.00000850. $SHIB