SHIB Price Weakens Near Lows as Relief Bounce Setup Emerges

Shiba Inu extended its recent decline and now trades near the $0.00000767 level. A relief bounce may be setting up as the token reaches a compressed consolidation zone at the lower boundary of its price structure. The move reflects continued weakness after several sessions of downward momentum.

The chart shows SHIB drifting lower from the $0.00000883 region, where it previously met resistance before breaking down into a sequence of lower highs and lower lows. Recent candles show tight clustering near $0.00000767, signaling reduced volatility as the market searches for direction. This narrowing structure suggests a potential bounce scenario could emerge if buying activity strengthens around current support.

Trading activity highlights market hesitation as SHIB stabilizes near its local floor. The price compression indicates buyers and sellers are temporarily balanced, waiting for a catalyst. If SHIB attempts a recovery, immediate resistance sits between $0.00000800 and $0.00000883, with the latter representing the first meaningful test should a bounce materialize.

This setup matters because extended consolidations near support often precede directional shifts. A relief bounce would signal short-term sentiment improvement after prolonged downside pressure. However, momentum remains fragile, and SHIB’s behavior around current support will shape expectations for the next phase of price action across the memecoin segment.

source: SHIB KNIGHT