Shiba Inu price hovered near a key support zone at the time of writing as traders assessed whether the token could stage a technical rebound despite rising supply pressure. SHIB still trades more than 93% below its October 2021 all-time high of $0.00008616. Current data indicate the token trading near $0.0000055, with daily trading volume close to $110 million.
Crypto analyst Jonathan Carter said on March 4 that SHIB continued to hold above the lower boundary of a falling wedge formation on the three-day chart. He said buyers were defending the support area as the token moved through a consolidation phase.
That view keeps attention on the $0.0000054 to $0.0000053 range, which now serves as the main near-term support area. Traders often view a falling wedge as a possible reversal pattern. Still, the setup needs a confirmed move above resistance before it can signal a stronger trend change.
For SHIB, buyers need to lift the price above $0.0000060 to improve the setup. A move over that level can open the door to resistance near $0.0000068 and $0.00001. Until SHIB clears resistance, the falling wedge setup stays unconfirmed. Recent closes also show pressure near support, with SHIB ending March 4 at $0.00000571 and March 5 at $0.00000553.
In addition to the chart setup, on-chain data indicate signs of caution. Arkham-tracked exchange activity showed a sharp increase in SHIB flowing to centralized exchanges. According to Arkham, inflows rose to 844 billion tokens, which marks the highest level recorded so far in 2026.
Large exchange inflows do not always lead to immediate selling. Even so, they often suggest that holders are moving tokens into positions where they can sell more easily. That trend adds another layer of pressure at a time when SHIB already trades near an important support area.
Furthermore, current market data also points to a weak structure. SHIB trades near $0.00000549, down more than 6% over the past week, while its market capitalization stands near $3.25 billion.
The token remains stuck in the same lower range that has blocked recovery attempts in recent sessions. If the price breaks below $0.0000053, traders may look next to the psychological $0.0000050 level. On the other hand, a move back above $0.0000060 could improve the short-term outlook.
Also Read: Shiba Inu Supply Shock: Could SHIB Reach $0.001 After Billions Pulled Offline?
Broader market conditions could also affect SHIB and other altcoins through the weekend. US labor market data showed that total nonfarm payroll employment fell by 92,000 in February, while the unemployment rate held at 4.4%. Crypto traders watch those figures closely because weaker labor data can shift expectations for interest rates and overall risk appetite.
For now, SHIB price trades near an important point. The chart still signals a possible rebound scenario, but on-chain flows and recent price action continue to show caution. Buyers have protected support so far, yet they have not shown enough strength to confirm a broader recovery. Unless SHIB breaks above key resistance levels, traders may continue to treat any upside move as limited.