- SHIB forms descending triangle with support at $0.00001200 and breakout target $0.00001600.
- RSI at 51.59 and MACD crossover signal mild bullish momentum for SHIB price action.
- Futures open interest stabilizes at $100M–$200M, showing reduced speculative excess.
Shiba Inu (SHIB) is showing a bearish structure on its daily chart, with technical indicators signaling a possible breakout in the near term. The token, which recently posted small gains, remains bound within support and resistance levels as traders weigh the next directional move.
The SHIB/USDT pair on Binance has formed a descending triangle pattern, with resistance marked by a downward-sloping trendline and support holding near $0.00001200. This boundary has been tested repeatedly, with buyers holding onto the lower level and sellers capping rallies.
The price action within this formation shows an imminent decision point. Chart projections indicate that a confirmed breakout above resistance could produce an estimated 34% move, targeting $0.00001600. This projection aligns with the height of the triangle, a method often used in technical analysis.
At press time, SHIB was trading at $0.00001270, recording a 1.76% daily gain. The token earlier touched $0.0000127 after gains during the morning hours. According to CoinMarketCap data, SHIB’s 24-hour volume rose by 5.16% to $163.68 million, while its market capitalization reached $7.47 billion.
Market Indicators Signal Mild Bullishness
Technical indicators have shifted toward buyers. The Relative Strength Index (RSI) sits at 51.59, above its neutral midpoint, while its moving average of 46.61 shows a recent upward shift. These readings display moderate strength without pushing SHIB into overbought or oversold conditions.
The Moving Average Convergence Divergence (MACD) also presents a positive view. The MACD line has moved just above the signal line, supported by a histogram of small green bars. This crossover is typically interpreted as a sign of early bullish momentum.
Related: Analyst Predicts a 17x Shiba Inu Rally as Major Breakout Pattern Forms
Futures Market Data Displays Changes in Sentiment
Beyond spot trading, SHIB’s futures market shows a shift in participation. Open interest surged above $500 million in February during a rally, followed by corrections and liquidation events. More recently, levels have stabilized between $100 million and $200 million, pointing to a more balanced market compared to prior speculative peaks.
Historically, aligned increases in both open interest and price have signaled strong bullish conviction. Current data shows moderation, with traders holding onto the risk while avoiding extreme leverage.
Related: Shiba Inu Price Prediction: SHIB Holds Key Support As Chainlink Boosts Cross-Chain Utility
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