By Victor Swaezy 
Shiba Inu (SHIB), one of the most widely followed memecoins in the cryptocurrency market, is currently testing a key support level that could determine its near-term direction. As SHIB remains locked in a prolonged downtrend, analysts and traders are closely monitoring whether the token can hold above the $0.0000066721 price zone.
According to crypto analyst Ali Martinez, the current price structure makes this level especially significant. A failure to defend it could open the door to further losses, while holding above it may provide the foundation for a potential recovery attempt.
Prolonged Decline Keeps Pressure on SHIB
Market data shows that Shiba Inu has been in a steady decline since peaking at higher levels earlier in 2024. The token has repeatedly failed to maintain momentum above major resistance areas, including the $0.0000148062 level, which has capped several rebound attempts.
The latest chart analysis highlights $0.0000066721 as the final major support zone before SHIB risks entering deeper bearish territory. Price action around this area suggests that sellers remain in control, but buying interest has so far prevented a decisive breakdown.
Why the $0.0000066721 Level Matters
The $0.0000066721 level has served as a crucial floor for Shiba Inu in recent months. A sustained move below this threshold could significantly weaken market confidence and trigger accelerated selling pressure.
If this support fails, the next downside targets are notably lower, with key support zones identified near $0.0000029954 and $0.0000013522. These levels would represent a substantial decline from current prices and could extend SHIB’s bearish cycle.
Conversely, maintaining this support could allow SHIB to stabilize and potentially attempt a move back toward higher resistance levels, including $0.0000148062. Such a recovery would likely require improved market sentiment and stronger buying volume.
Market Sentiment Hinges on Support Defense
Overall sentiment around Shiba Inu remains cautious, with traders awaiting confirmation of either a breakdown or a successful defense of the current support. A loss of the $0.0000066721 level would likely reinforce bearish expectations, while a sustained hold could encourage short-term optimism.
Broader cryptocurrency market conditions will also play a role, as SHIB continues to move in line with overall market volatility and liquidity trends.
Outlook: A Pivotal Test for Shiba Inu
Shiba Inu’s near-term outlook is now closely tied to its performance at this critical price level. Whether SHIB can hold above $0.0000066721 or slips into deeper losses will likely define its trajectory in the weeks ahead, making this support test a key focal point for market participants.