|

Shiba Inu price stagnant unless it breaks this crucial resistance barrier

  • Shiba Inu price continues consolidating within a descending parallel channel. 
  • The mem-coin is currently stuck within two critical price points. 
  • A candlestick close outside of the $0.0000086-$0.000005 range will determine where SHIB is heading next.

Shiba Inu price has not provided a clear signal for the direction of its trend. Still, SHIB may present an opportunity to profit very soon. 

Shiba Inu stuck between support and resistance 

Shiba Inu posted massive gains in early May, rising by a whopping 2,093%. The meme-coin went from trading at a low of $0.0000018 and surged to a new all-time high of nearly $0.000040 on May 10. 

A wave of profit-taking hit SHIB after the peak, pushing its market value down by more than 86%. Although prices have stabilized after the sell-off, Shina Inu has entered a stagnation period. 

SHIB has been contained within a descending parallel channel since May 19. Each time Shiba Inu price has risen to the channel’s upper boundary since then, a rejection occurs that pushes it to the lower edge. From this point, it tends to rebound.

If this price action repeats, the rebound from the middle support trendline might be significant enough to push Shiba Inu price to the channel’s upper boundary at $0.0000086 before it faces another rejection or finally breaks out. 

SHIB/USDt 6-hour chart

SHIB/USDt 6-hour chart

While a rejection from the $0.0000086 resistance level could lead to a downswing to $0.0000065, a break of this supply barrier may result in massive gains. By drawing a parallel trendline equal to the channel’s width, the consolidation pattern forecasts a 42% upside target

If validated, Shiba Inu price might rise to $0.0000123 upon the $0.0000086 resistance level break.

Author

More from FXStreet Team
Share:

Editor's Picks

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.

Bitcoin, Ethereum, and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Ethereum Price Forecast: FG Nexus continues distribution amid signs of returning risk-on sentiment

FG Nexus, once dubbed an Ethereum treasury firm, resumed offloading the top altcoin on Wednesday, distributing 7,550 ETH, according to data from smart money tracker EmberCN.

Top Crypto Gainers: Stable and Decred rally, Pippin approaches record highs

Altcoins, such as Stable, Decred, and Pippin, are extending gains so far this week, defying the risk-averse conditions in the broader cryptocurrency market. Stable and Pippin are near record high levels, while Decred extends its breakout rally above $30.

Bitcoin Price Annual Forecast: BTC holds long-term bullish structure heading into 2026

Bitcoin (BTC) is wrapping up 2025 as one of its most eventful years, defined by unprecedented institutional participation, major regulatory developments, and extreme price volatility.

Bitcoin: Another month of losses, and it’s been five

Bitcoin (BTC) price is stabilizing around $68,000 at the time of writing on Friday, but the Crypto King is poised to close February on a fragile footing, marking its fifth consecutive month of losses since October and a rare start to the year with back-to-back monthly corrections.