Shiba Inu continues to trade within a tight range as uncertainty surrounds its short-term direction. At the time of writing, the meme coin is trading at around $0.000006046, reflecting a prolonged consolidation phase. Despite this stability, the broader trend remains bearish, with prices still far below previous highs. The asset has dropped over 93% from its October 2021 peak of $0.0000885. It is also down 86% from its March 2024 high of $0.00004567. This sustained decline highlights ongoing selling pressure. However, recent technical signals suggest a possible shift in momentum. Technical Structure Signals Possible Reversal Market analysis indicates a descending channel that has guided SHIB’s price action since March 2024. The upper boundary has limited upward attempts, while the lower trendline has provided consistent support during price dips. Recent price action shows SHIB trading close to this lower boundary. The token briefly touched $0.0000050 earlier this year before rebounding. It now hovers near a multi-year support level that has historically marked price bottoms. A key horizontal support zone has also held firm. This level has acted as a foundation during past market downturns, including corrections after the 2021 rally and the 2023 bear market. Its continued strength may support a potential upward move. Analysts suggest that maintaining this support could trigger renewed buying interest. A move toward the midpoint of the channel could push SHIB above $0.000010, representing an increase of over 80% from current levels. On-Chain Data Supports Bullish Outlook On-chain metrics present a mixed but slightly positive outlook. Open interest in SHIB futures has increased by 7.4% within 24 hours. This rise indicates growing participation in derivative markets and may signal an upcoming price shift. Exchange flow data also points to accumulation. Over 507 billion SHIB tokens were withdrawn from exchanges into private wallets in a single day. This trend often reflects long-term holding behavior rather than immediate selling intent. If momentum builds, analysts project a long-term target near $0.000070. This would represent a gain of more than 1,000% from current levels. While such a move remains speculative, the combination of technical support and market activity keeps the possibility in focus.
