Shiba Inu has dropped by a substantial amount, currently at its lowest valuation since January 2024. At the time of writing, the popular meme coin is trading at around $0.0000091, indicating a 5.25% decline over the last 24 hours. SHIB Price, Source: CoinMarketCap The token's descent represents more than a temporary correction. It is an indication of a long-term downtrend that has punctured several support lines, leaving traders questioning when the bleeding will stop. Unlike previous market cycles where sharp drops led to quick recoveries, this decline has been characterized by steady erosion rather than panic selling. Technical Indicators Paint Grim Picture The chart demonstrates a very alarming technical configuration. SHIB is trading below three important moving averages: 50-day, 100-day, and 200-day lines. This arrangement typically indicates that sellers remain in full control and no relief is forthcoming. The 200-day moving average has been an invincible obstacle since the end of summer. Any effort to recover has been denied at this stage, which has pushed the price downwards. This consistent inability to penetrate overhead resistance indicates the weak point of the present buying pressure. SHIB/USDT Chart, Source: TradingView The Relative Strength Index is currently at 32, indicating an oversold position. However, the indicator does not reflect any evidence of bullish divergence that could indicate the impending reversal. Instead, the trend has been underperforming, and there are concerns that it will decline further instead of grow. Critical Support Levels Under Threat The next significant support zone lies between $0.0000075 and $0.0000080. This area previously served as a launchpad for SHIB's mid-2024 rally, making it psychologically important for bulls hoping to defend the price. A breach below this range could trigger a cascade of selling. The next logical target would be $0.0000065, representing a complete retracement of gains made throughout the previous year. Such a move would devastate portfolios and potentially spark capitulation among remaining holders. The current market structure offers little comfort for optimistic traders. The absence of strong buying pressure at current levels suggests limited appetite for catching the falling knife. Volume remains subdued, indicating that investors are either holding onto losses or have shifted their capital elsewhere. Shiba Inu's ecosystem has failed to produce meaningful catalysts in recent months. Shibarium , the project's layer-2 scaling solution, initially generated excitement within the community. However, on-chain activity has since stagnated. The scaling network has not translated into increased buying pressure for the native token.