Shiba Inu (SHIB) is navigating a critical technical juncture, with its price action defined by a tight consolidation range and a test of a historically significant support level following a massive $2.45 billion liquidation event. On one hand, short-term chart data reveals SHIB trading within a narrowing ascending channel, indicating controlled volatility. The token has held a key support at $0.056735, with its 24-hour trading range confined between $0.056735 and $0.056997. The latest price was reported at $0.05678, reflecting a modest 0.4% daily increase.
Concurrently, a separate, more macro analysis highlights SHIB testing a life-long support zone at $0.0000066721. This level is considered critical for potential base-building and recovery after a weekly drawdown that triggered the $2.45 billion in liquidations, of which $2.27 billion were from long positions. This event signals significant seller exhaustion and high leverage pressure on bullish traders. Open interest has decreased by roughly 15% to $75 million, suggesting broad de-risking in the market.
Technical indicators are showing early signs of a potential momentum shift. The RSI has rebounded from the oversold 30 threshold, while the MACD is trending upward toward a possible golden cross, hinting at mid-term bullish momentum. The price is also contained within a falling wedge pattern approaching its apex; a successful breakout could target levels near $0.00001 initially.
However, the broader context remains challenging. Weekly charts show SHIB in a macro downtrend, forming lower highs with persistent rejections at resistances like $0.0000148 and $0.000033. Historical cycle analysis indicates progressively weaker performance in successive bull runs, raising questions about the repeatability of past upside moves. The immediate future hinges on whether SHIB can maintain support at these key levels to allow for consolidation and a potential rebound, or if it will break down toward lower support zones near $0.00000299.
