- SHIB forms a descending triangle, signaling a potential breakout if support holds.
- Volume surge and RSI rebound suggest fading bearish pressure and rising accumulation.
- Key resistance between $0.00001250–$0.00001300 could define SHIB’s short-term trend.
Shiba Inu (SHIB) faces a critical phase on its weekly chart, forming a descending triangle pattern indicative of a potential breakout.
According to crypto analyst SHIB KNIGHT, SHIB’s price pattern is tightening within a descending triangle, often seen before a sharp move. This setup, combined with stabilizing market indicators, suggests a possible rally provided Bitcoin maintains its strength and doesn’t disrupt broader sentiment.
Over recent weeks, SHIB has traded in a narrowing range, forming lower highs while consistently bouncing from horizontal support near $0.00001167. This recurring price behavior highlights growing pressure at the base, hinting at a breakout. Currently priced at $0.00001188 , SHIB has posted a modest 1.82% gain in the last 24 hours, despite recording a 1.18% drop over the past week.
What are SHIB’s Key Support and Resistance Levels?
Support near $0.00001166 has proven resilient, holding through multiple tests. Minor support also sits around $0.00001170, forming a short-term base. Immediate resistance lies between $0.00001195 and $0.00001200, a zone where prior advances halted.
Related: Shiba Inu Burn Rate Surges Over 1,500%, Yet Price Fails to Respond
Beyond this, a crucial resistance range between $0.00001250 and $0.00001300 could determine SHIB’s near-term trend. A confirmed breakout above the triangle’s descending trendline could send the token toward this zone quickly. However, a failure to hold the current support may drag the price down to the psychological $0.00001000 level.
Source: CoinMarketCap Trading volume increased to $146.78 million over the past day, signaling renewed interest after a decline during consolidation. Rising volume accompanying price pattern completion often precedes a significant price move.
Technical Indicators Hint at Reversal
SHIB/USD daily price chart, Source: TradingView Technical indicators offer tentative bullish signs. SHIB’s RSI now sits around 45.81, moving upward from oversold levels. This gradual shift suggests that bearish momentum is fading. While not yet in clearly bullish territory, it hints at a possible accumulation phase. A continued rise in RSI above 50 could confirm the start of a stronger uptrend.
Related: Can Shiba Inu Repeat History? SHIB Tests Support That Triggered Past Rallies
Moreover, the MACD shows early signs of a bullish crossover , with the MACD line slightly edging above the signal line. Though still weak, this crossover adds weight to the breakout theory. Significantly, both lines remain close to zero, signaling a market poised for movement in either direction.
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