Shiba Inu (SHIB), the popular memecoin, has recently experienced a significant decline, leaving investors on high alert. The coin's value has dropped to a 7-day low of $0.00002266, accompanied by a substantial 35% decrease in trading volume. This downturn has resulted in a delicate balance between bullish and bearish sentiment, reflected in the daily Relative Strength Index (RSI) of 48.

Despite a marginal 7% increase in the past week, SHIB has suffered a 23% decline over the past month. To establish a bullish market structure, bulls must overcome a significant hurdle and reclaim levels above $0.0000270.

If successful, the immediate target would be $0.000031. However, failure to overcome this obstacle could lead to further decline, potentially dragging SHIB back to $0.0000225.

Sentiment analysis reveals a prevailing negative outlook, with a rise in bearish bets against SHIB's price. Additionally, sell pressure has increased, evident in the decline of the Supply on Exchanges metric.

As a result, Shiba Inu finds itself at a critical juncture, with investors closely monitoring its trajectory amidst bearish sentiment and mounting sell pressure. The road ahead remains uncertain, with bulls seeking to defy the odds and reclaim lost ground, while bears stand poised to capitalize on any weakness.