SHIB collapses against technical resistance: Where is the support level?

The Shiba Inu cryptocurrency continues to show weakness in the spot markets during the December 24 session. With a fluctuating price between $0.00000697 and $0.00000717, the token has experienced a 1.7% decline in the last 24 hours, deepening a bearish trend that already totals a 10.4% loss over the week and 18.7% over the two-week period.

Critical levels under pressure

The most immediate support level that concerns traders is the $0.0000075563 threshold. A break below this barrier would open the way toward the Fibonacci extension 1.618 positioned at $0.0000063511, territory that would represent new lows in the current formation. The lack of buyers at these levels suggests that SHIB has not yet found a solid bottom where investors will return en masse.

Technical indicators in neutral zone

The Stochastic RSI remains above oversold conditions, indicating that although there is selling pressure, the momentum has not reached capitulation extremes. This contrasts with the sentiment observed in derivatives: Coinglass reports volume-weighted funding rates in negative territory, reflecting that futures traders are also adopting short positions.

The combination of these technical and market factors suggests that Shiba Inu will remain under scrutiny until it consolidates the support needed to halt the accumulated decline.