Shiba Inu remains locked in a tight range as bearish pressure lingers across the broader trend. Price action shows continued consolidation, yet underlying signals point to a potential shift. Technical structure and on-chain activity now suggest conditions for a possible reversal are forming. Market watchers highlight growing momentum that could define the next major move. Descending Channel and Key Support Shape Outlook Shiba Inu trades at $0.000006058, holding within a defined range on the daily chart. The broader trend still points downward, with the token correcting sharply from previous highs. It remains down over 93% from its October 2021 peak of $0.0000885. It has also dropped 86% from the March 2024 high of $0.00004567. Analyst Celal Kucuker stated that a bullish technical setup could trigger a reversal. He explained that SHIB has traded inside a descending channel since March 2024. According to him, the upper boundary has repeatedly blocked upward attempts. Meanwhile, the lower boundary has acted as support during periods of weakness. Recent price action pushed SHIB close to the channel’s bottom. The token touched this level in early February after falling to $0.0000050. It has since recovered and now trades near a multi-year support trendline. Kucuker noted that a horizontal support level has also held firm since launch. This level marked bottoms during the 2021 correction and the 2023 bear market. He added that holding this support could build momentum for a decisive upward move. The structure, combined with strong community backing, continues to support recovery expectations. Shiba Inu Price Targets and On-Chain Data Signal Momentum Shift Kucuker projected an initial target above $0.000010, representing an 87% increase from current levels. He explained that this level aligns with the midpoint of the descending channel. A move toward this range would confirm early strength in price recovery. He further stated that SHIB could eventually reach $0.000070. This would mark a 1,060% increase and return the token to multi-year highs. SHIB last traded near this level in November 2021. On-chain data also supports the developing narrative. Open interest has risen by 7.4% over the past 24 hours. This increase suggests growing activity in futures markets. Analysts noted that such trends often precede price shifts driven by derivatives positioning. According to the exchange flow data adds another layer of insight. Around 507 billion SHIB tokens moved off exchanges into private wallets within 24 hours. This pattern indicates accumulation rather than distribution. Market participants appear to favor long-term holding over short-term selling. Together, technical structure and on-chain signals continue to shape expectations. The coming sessions may determine whether SHIB confirms a breakout or extends its consolidation phase.
