Usman Salis
Shiba Inu (SHIB), one of the most popular meme coins in the crypto market, appears to be at a pivotal technical level. SHIB is forming a descending triangle pattern, with price compression nearing a breakout point. As of now, SHIB trades at $0.00001140, down 1.89% on the day, but the structure hints at a reversal.
Technical Setup Suggests Bottoming Structure
SHIB has formed a well-defined descending triangle, with price consistently respecting both a flat support level and a gradually declining resistance line. The current price sits just above the triangle base, indicating consolidation and a likely breakout decision within the next few days. The chart labels this moment as “bottomed,” with only one likely direction: up.
While SHIB has seen sharp declines from higher levels (near $0.00001400), the sustained base around $0.00001140 could attract buyers if the broader market sentiment improves.
Market Sentiment and Trader Expectations
The tweet from @army_shiba notes:
“It may go down a little bit if market does bad, but the chart is already bottomed & the only direction is up for Shiba.”
This reflects growing optimism in the SHIB community that the asset’s prolonged consolidation phase could be coming to an end. Traders are now watching for a breakout above the descending resistance, which could lead to price targets around previous highs near $0.00001400 and beyond.
Conclusion
With Shiba Inu (SHIB) currently trading at $0.00001140 and approaching a breakout zone, all eyes are on this popular token’s next move. Whether the broader market helps trigger the rally remains to be seen, but structurally, SHIB is coiled for action. If bulls regain control, a new wave of momentum could take SHIB significantly higher in the coming weeks.
Usman Salis
