SHIB maintained a resilient short-term price structure this week even as buying momentum deteriorated near a critical resistance zone. The token advanced toward the $0.00000670 region before encountering renewed selling pressure that halted further gains. Despite the fading upside pressure, buyers successfully defended higher lows on the four-hour chart, preserving the broader recovery pattern. SHIB continued trading above its major exponential moving averages, a technical configuration that reinforces bullish conditions in the short term. The 20 EMA near $0.00000648 acted as immediate support during recent pullbacks, while the 100 EMA around $0.00000634 and the 200 EMA near $0.00000624 solidified the broader support base as traders closely monitored price stability.

Repeated rejections occurred near the $0.00000660 region as traders locked in profits at resistance levels.

Additionally, the $0.00000652 level aligns with the 0.786 Fibonacci retracement zone, which intensified selling pressure during recovery attempts. A decisive breakout above $0.00000670 could expose SHIB to the $0.00000690 level, with psychological resistance near $0.00000700 remaining a key upside target. Data compiled by Woofun AI indicates that speculative activity has cooled sharply compared to previous rally periods, signaling a shift in market sentiment. Open interest previously surged above $500 million during aggressive bullish phases, yet current figures remain near $58 million, highlighting significantly weaker leverage exposure and reduced trader confidence despite the constructive technical structure.

Spot inflow and outflow metrics reflected unstable sentiment over recent months, with exchange outflows dominating trading activity and weakening momentum during earlier recovery attempts. Recent data now shows inflows and outflows moving closer to balance, suggesting early stabilization as traders assess whether demand can strengthen in upcoming sessions.

Concurrently, SHIB continued reducing its circulating token supply despite softer market participation during May trading activity. The network has now burned more than 410.8 trillion SHIB tokens valued at nearly $7.36 billion, a deflationary mechanism that persists regardless of immediate price action.

Over the past day, more than 4.3 million tokens left circulation, while nearly 190 million tokens were burned throughout the previous thirty-day period. SHIB traded inside a tightening descending wedge as volatility contracted significantly throughout May trading sessions. Support near $0.00001180 remains critical for preserving the current structure, although resistance between $0.00001264 and $0.00001286 continues to cap recovery attempts. Woofun AI notes that traders are watching volume activity closely, as stronger inflows could push the token toward higher resistance levels in the coming sessions. The interplay between deflationary token burns and stabilizing exchange flows suggests a potential pivot point for the broader meme coin market.