Shiba Inu Price Stuck in Bearish Doldrums Despite 41% Supply Reduction

Shiba Inu's (SHIB) price remains under bearish pressure as it attempts to establish a stable base after a prolonged decline. The token trades near $0.00000419, slightly above its recent low of $0.00000404.

The 20-day EMA at $0.00000425 and the 50-day EMA near $0.00000454 act as immediate resistance levels for SHIB. However, the token's burn mechanism has led to a significant reduction in circulating supply, with around 41% of its initial one quadrillion supply now permanently gone.

Despite this, SHIB needs stronger demand and improved market sentiment to drive price growth. The token's near-term outlook depends on whether buyers can continue defending $0.00000404 while building enough momentum to overcome the $0.00000448-$0.00000475 resistance zone.