SHIB's recent performance is quite interesting. The price has been oscillating around $0.00000708, with a nearly 10% decline over the past two weeks. The RSI indicator hovers around 37, indicating a clear bearish sentiment but not yet at an extreme level.

The key point to watch is whether the support line at 0.00000699 can hold — this is the dividing line for whether the short-term rebound can continue. If it can't hold, the next potential bottom could be around 0.0000065. Conversely, to truly turn upward, it needs to break through two resistance levels: 0.00000758 and 0.00000794. Breaking through these two levels would confirm a reversal.

But don't be too pessimistic. Recently, there has been a noticeable change in the burn data over the past 24 hours, with 2.59 million SHIB burned and the burn rate soaring by 75%, indicating that circulating supply is gradually decreasing. From a technical perspective, the short term tests support levels, the medium term focuses on breaking through resistance, and the long term depends on community enthusiasm and ecosystem development. Holders should continue to observe, and new entrants should wait for clearer signals to enter more safely.