Open interest in Shiba Inu (SHIB) ticked up 2.1% over the past 24 hours even as spot trading volume slid 18% — a divergence that leaves traders with mixed signals about the token’s next move. Price action and key levels SHIB is changing hands around $0.0000056, roughly 10% lower over the past week and hovering close to historic lows. That pullback has brought the token back down to a long-established support zone near $0.0000055, a floor that has repeatedly absorbed selling pressure since SHIB’s early days in 2021. So far, sellers have failed to force a sustained break below that level. The bigger picture: a long-running descending triangle On the weekly chart, SHIB remains confined within a contracting descending triangle that has capped recoveries since its 2021 peak. Every rally has been met by the triangle’s falling upper resistance line, and that pattern continues to dominate the technical landscape. Wave analysis suggests a potential turning point Analyst Aurex Finance, writing on TradingView, highlights a completed three-wave corrective sequence that could mark the end of SHIB’s multi-year decline. The sequence, as outlined, unfolded like this: - Wave 1: from the March 2024 high of $0.000045 down to $0.000010 by August 2024. - Wave 2: a partial recovery up to roughly $0.000033 in December 2024. - Wave 3: a push downward that returned price toward the triangle’s lower edge, where SHIB sits today. Aurex notes that this three-wave drop appears to have ended right on top of a long-term support band — a confluence that sometimes signals the final phase of a corrective move. Resistance hurdles and what a breakout would mean Any meaningful recovery, analysts say, will have to clear two clear obstacles: the descending trendline resistance near $0.000011 and the late-2024 recovery high around $0.000033. Breaching both levels would represent a significant change in market structure and likely hand momentum back to buyers. Until then, the long-term technical bias remains weak. Because the triangle has compressed price action for years, a decisive breakout — up or down — could produce a sharp move once it occurs, making the next big directional move potentially volatile for SHIB traders. Featured image: San Diego Zoo; chart: TradingView.
SHIB Near Key Support as Open Interest Rises Amid Downtrend
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Summary
Shiba Inu (SHIB) is trading near $0.0000056, close to a key support level of $0.0000055. Open interest rose 2.1% in the last 24 hours, even as spot volume fell 18%. The token remains in a descending triangle on the weekly chart. A three-wave correction is complete, with a potential breakout above $0.000011 and $0.000033 seen as a momentum shift. Open interest and support level dynamics remain in focus for traders.
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