Shiba Inu has fallen back to levels seen before its sharp rise in May 2021, entering a test of a key support zone.

On June 27 (local time), blockchain outlet The Crypto Basic reported that Shiba Inu recently dropped to $0.00000404, hitting a five-year low, before rebounding somewhat. It remains unable to confirm a trend reversal.

Shiba Inu has fallen more than 38 percent this year alone. The bearish move continues after a 67 percent plunge last year. High volatility typical of meme coins has added pressure, widening the drop compared with the broader cryptocurrency market.

Price action suggests the decline has been steeper. Shiba Inu recovered to $0.00000520 in mid-June as the cryptocurrency market rebounded, but it ran into resistance and fell again. From June 16 to 25, it logged intraday declines in 9 out of 10 sessions, and stayed flat on June 22. The period low was $0.00000404 on June 25. The drop over 10 days reached 20 percent.

Market attention is now focused on what level could attract buying if it falls further. On the chart, the first key support zone is $0.00000241, the Fibonacci 1.272 extension. A move from the current level to that zone would require an additional decline of up to 43 percent. The market views that price as the first area of interest.

If that support breaks, the next line of defence is seen at $0.00000155. That price overlaps with the Fibonacci 1.414 extension. If Shiba Inu falls to that level, the year-to-date decline would widen to 77 percent. That zone was last seen as an entry area in April 2021, and has been cited as a level where buying interest could return. Some also expect bulls could respond at that point.

To halt the downtrend, it would first need to regain resistance levels. Shiba Inu has yet to escape a pattern of lower lows that has continued since May 2025. The key is whether it can climb back above $0.00000676. That level acted as support from October 2025 to January 2026, but later turned into resistance.

The $0.00001027 level above is also cited as a major turning point. It served as a defence line from June to October 2023 and again from April to October 2025. The possibility of a trend shift could open only if Shiba Inu regains both resistance levels and turns them into support. In that case, the next target area is seen at $0.00001980.

Still, separate from the possibility of a short-term rebound, pressure remains because the broader cryptocurrency market has yet to show a clear recovery signal. If the market faces another round of selling pressure, Shiba Inu could test new low territory again. In that situation, Shiba Inu's short-term direction is likely to be determined by its defence near $0.00000404 and whether it can reclaim $0.00000676.