As the meme coin industry and the larger cryptocurrency market continue to be dominated by pessimism, Shiba Inu has officially dropped to its lowest level since January 2024. The token has fallen to about $0.0000089, confirming a protracted downtrend that now spans nearly nine months, breaking through crucial short-term support. Exhaustion is clearly depicted on the chart. The 50-day, 100-day and 200-day lines are the three major moving averages that SHIB has continuously traded below. This technical configuration usually indicates ongoing seller control. What is pushing SHIB down Since late summer, the 200-day moving average in particular has served as a ceiling, rejecting all attempts at recovery. The weak momentum and increasing risk of an oversold continuation rather than reversal are further highlighted by the RSI hovering around 32. There are no indications of a bullish divergence, and SHIB is trapped in a long-term decline channel. Instead of panic-driven capitulation, which frequently precedes significant rebounds, price action points to a steady decline. The next crucial support zone is located between $0.0000075 and $0.0000080, and SHIB’s mid-2024 rally was previously launched from this area. A significant decline below that level might pave the way for a complete retracement of last year’s gains at $0.0000065. Essentially, in recent months, Shiba Inu’s ecosystem has had difficulty producing significant catalysts. Although its layer-2 scaling network, Shibarium, initially demonstrated promise, on-chain activity has plateaued and has not resulted in any buying pressure. No liquidity for SHIB? As liquidity concentrates around Bitcoin and Ethereum, investors’ focus has also shifted away from meme tokens. For now, SHIB investors should prepare for continued downside unless the market stages a broader recovery. There might be brief relief bounces, but they are probably only going to last a short while if there is not a spike in volume or new network momentum. SHIB may try to recover back toward $0.000010-$0.000011 if sentiment in the cryptocurrency space becomes riskier once more, but for the time being, the trend is still clearly bearish, with a downward path of least resistance.