The Shiba Inu price action has been brutal these past few weeks. I've been tracking SHIB closely, and at $0.0000062, we're sitting right on some support levels that matter. This is where things get decided — either this meme coin keeps falling or finally finds some buyers.

The weekly charts show sustained bearish pressure, but here's what's interesting — some technical indicators I'm watching suggest this selling might be running out of steam. Let me break down what I'm seeing and why this could set up for either a major breakdown or a potential reversal.

Current Market Structure: Bears Still in Control

Shiba Inu has been stuck in a relentless downtrend. Every bounce attempt gets met with aggressive selling at lower highs. Classic bear market behavior, and frankly frustrating to watch if you're holding SHIB.

Monday's session confirmed what many of us have been watching — leveraged traders finally capitulated. The 24-hour decline wasn't just profit-taking; it was a technical breakdown that cleared out weak hands. But washouts often mark important turning points.

Technical Indicators: Mixed Signals Emerging

I've been studying the technicals, and honestly, they're giving me conflicting signals. The RSI on the weekly timeframe approaches oversold territory — not quite there yet, but getting close. More importantly, I'm seeing subtle divergence patterns that suggest the selling momentum might be weakening.

The MACD is still firmly bearish, no sugarcoating that. But the histogram is starting to compress, which often comes before trend changes. Volume patterns are also interesting — we're seeing climactic selling on the downside, which is exactly what you want to see if you're hunting for a potential bottom.

Key Support and Resistance Levels

Right now, the support I'm watching is around $0.0000058-$0.0000060. This zone has held multiple times, and if it breaks, we could see a quick move down to $0.0000050 or even lower. That would be devastating for bag holders.

On the upside, any meaningful recovery needs to reclaim $0.0000070 first. But the real resistance that matters is up at $0.0000085, where sellers have been defending aggressively. Until SHIB can break and hold above that level, I'm treating any bounces as relief rallies in a bear trend.

Trading Strategy: How to Position for Both Scenarios

Look, I'm not buying SHIB right now. The trend is still down, and fighting that has been a money-losing proposition. But I am starting to build a small watchlist position for a potential reversal trade. Here's my game plan:

• If support breaks below $0.0000058, I'm looking for short opportunities targeting $0.0000050
• For reversal plays, I need to see volume confirmation and a break above $0.0000070 with follow-through
• Any long position gets tight stops below current support — no diamond hands on this setup

What's Next for SHIB Price?

The next few trading sessions are going to matter for Shiba Inu. We're at one of those inflection points where the price could break either way with conviction. My gut feeling? The selling pressure is starting to feel exhausted, but that doesn't mean we're out of the woods yet.

The broader crypto market sentiment will play a huge role here. If Bitcoin can hold its key levels and altcoins start catching some relief bids, SHIB could surprise to the upside. But if we see another leg down in the majors, meme coins like SHIB typically get hit the hardest.

Bottom line: respect the trend until it changes. SHIB is still in bearish territory, but the setup is getting interesting for those willing to take calculated risks. Just remember — this is still a meme coin with wild volatility. Size your positions accordingly and always have an exit plan.