Yes

>>The weekly chart indicates that the downward pressure on Shiba Inu may be almost over.

The weekly chart indicates that the downward pressure on Shiba Inu may be almost over.

crypthub

about 8 hours ago

Market Sentiment

Open interest in Shiba Inu rose 2.1% in the last 24 hours while spot trading volume fell 18%, signaling mixed market signals about the token’s next move.

Price Action and Support

SHIB trades near $0.0000056, a 10% drop over the past week, and is perched on a historic support zone around $0.0000055. Sellers have failed to push the price into a sustained break below this level, keeping the token afloat despite the decline.

Technical Pattern and Wave Completion

A descending triangle has constrained SHIB since its 2021 peak, repeatedly blocking recoveries. Analyst Aurex Finance identified a three‑wave corrective structure that appears to have finished at the long‑term support, creating a confluence that may signal the end of the multi‑year downtrend.

Outlook and Resistance Levels

For a bullish shift, the price must clear two hurdles: the falling resistance near $0.000011 and the prior high around $0.000033. Until those levels break, the chart remains weak, but the compressed triangle could produce a sharp breakout in either direction.