Shiba Inu (SHIB) Price Struggles: Can It Rally to $0.00002370?

Shiba Inu claws for traction as the memecoin faces stiff resistance. The dog-themed token's recent price action leaves traders wondering if a bullish breakout is still in the cards.

Technical Tug-of-War

SHIB battles between key support and resistance levels. The path to $0.00002370 looks steep—requiring a decisive move past several psychological barriers. Every minor gain gets met with selling pressure, creating a frustrating sideways pattern for holders.

Market Sentiment Check

Broader crypto momentum isn't helping. While major assets consolidate, speculative altcoins like SHIB often feel the squeeze first. Community chatter remains high, but trading volume tells a more cautious story—typical of a market waiting for a clearer signal.

The Road Ahead

A clean break above immediate resistance could trigger short-term momentum. Failure to hold support, however, risks another leg down. It's the classic crypto dance: hope versus liquidity, with a side of influencer hype. Remember, in this game, 'fundamentals' sometimes just means which celebrity tweeted last.

Watch the charts, not the shills. That $0.00002370 target isn't just a number—it's a test of whether the 'dog money' narrative still has teeth, or if it's just another speculative asset chasing its own tail while the serious projects build actual infrastructure.

SHIB Technical Outlook Points to a Cooling Phase

Technically, SHIB has been in a downtrend since mid-2025, as the lower highs and lower lows are forming from the peak achieved at the start of the year. Additionally, the moving average ribbon is still bearish as the shorter-term averages continue to remain below the longer-term averages. It is currently testing the support level of $0.0000080.

Source: TradingView

Moreover, the technical indicators strengthen the bearish sentiment. RSI is at 35.07, indicating that SHIB is about to reach overselling levels but is far from it. MACD is flat or slightly negative, indicating no signs of intense buying. Thus, SHIB could witness further declines if the support of $0.0000080 is broken.

SHIB Support Test Signals Multi-Stage Rally to $0.00002370

Additionally, crypto analyst Jonathan Carter exposed that Shiba Inu is currently consolidating around a critical support area in a descending channel in the 2-day chart, indicating that the market is testing lower levels. It can be observed that the current market movement suggests that Shiba Inu is getting closer to a critical area of its downtrend.

Source: Jonathan Carter

If SHIB is able to sustain this support level and achieve positive momentum, the next target WOULD be $0.00000885 for the short term. Other levels of resistance that need to be watched would be $0.00001150, $0.00001410, and $0.00001770, which are levels that the token would need to traverse to reach its medium-term destination. $0.00002370 would be an ultimate destination for the token.

Market sentiment seems to be increasingly positive, as traders continue to test the support zone. A confirmed bounce at these levels could result in gaining more attention from investors, which could increase trading volume. One should keep a close eye on trading patterns while remembering volatility in the crypto sector.

Also Read: Shiba Inu Poised for Explosive 1000% Surge Ahead