SHIB Nears 2026 Lows as Selling Pressure Persists
Shiba Inu (SHIB) traded near $0.00000484 on October 29, down 2.6% for the day and 13.4% over the past month. The decline pushed SHIB below the key $0.000005 level and toward its 2026 lows. A technical reading put immediate support near $0.00000480 and resistance around $0.00000503; the relative strength index was about 38, signalling weak momentum but not confirming a market bottom.
For a stronger recovery, SHIB would need to reclaim $0.000005 and hold above resistance. Further potential resistance levels are $0.00000519–$0.00000535, followed by around $0.000006. A drop below $0.00000480 could expose support near $0.00000462 and the $0.00000410–$0.00000420 zone.
Shibarium’s development and SHIB token burns have not yet offset selling pressure. Shibarium uses BONE for transaction fees, so increased network activity does not necessarily create direct demand for SHIB. Although nearly 298 million SHIB were reportedly burned in one period in early October, that amount is small compared with the roughly 589 trillion tokens in circulation. Price levels are conditional technical scenarios, not guaranteed targets.
Bearish
The article is bearish for SHIB in the near term because the token has fallen below $0.000005, is close to its 2026 lows and has repeatedly failed to sustain rallies. The RSI near 38 points to weak momentum, while a break below $0.00000480 could bring lower support zones into focus. Traders may respond by reducing exposure or placing stops below support; a reclaim of $0.000005, particularly with stronger volume, would be needed to improve the short-term outlook.
The reported burns have not reversed the decline, illustrating a familiar pattern in meme coins: supply-reduction announcements can attract attention, but may have limited price effect when the amount burned is small relative to circulating supply and broader market demand is weak. Shibarium activity is not automatically a direct catalyst for SHIB because BONE, rather than SHIB, is used for network transaction fees.
Longer term, ecosystem adoption could support sentiment if it translates into persistent usage and meaningful demand. However, the article provides no evidence that this is currently happening. The outlook therefore remains conditional on broader crypto sentiment, sustained network activity and SHIB’s ability to reclaim resistance. These technical levels are scenarios, not guarantees, and volatility remains high.