Bearish Pressure On Shiba Inu May Be Nearing Completion, Weekly Chart Suggests
Open interest in Shiba Inu climbed 2.1% over the past 24 hours even as spot trading volume fell 18%, sending conflicting signals about where the token is headed next. Related Reading: History Shows Bitcoin ETF Outflows Favor Accumulation, Says Santiment What The Chart Is Showing SHIB is currently trading around $0.0000056, near its historic lows, after dropping 10% in the past seven days. That decline brought the token back down to a key support zone around $0.0000055 — a level that has cushioned price drops since the coin’s early days in 2021. Despite repeated tests, sellers have not managed to push the price into a sustained breakdown below that area. The broader chart structure is a contracting descending triangle that has kept a lid on SHIB since its 2021 peak. Each time the token tried to recover, it ran into the triangle’s falling upper resistance line and got turned back. That pattern has been in place for years, and it remains the dominant force on the weekly chart. A Wave Patt