SHIB Tests Key Support as Falling Wedge Signals Potential Bullish Rebound

SHIB is defending a pivotal support zone near $0.00001000, showing long lower wicks and increasing buying volume on the 2-day chart.

A breakout above the descending wedge could push SHIB toward resistance targets at $0.00001150, $0.00001410, and higher sequential levels.

Technical indicators show a compression phase and flat MACD, suggesting waning bearish momentum and a potential rebound toward $0.00002000.

Shiba Inu (SHIB) is testing a critical support zone within its descending wedge pattern on the 2-day chart. Price action shows early signs of bullish pressure as buyers defend the lower boundary. A confirmed bounce could initiate a shift in short-term momentum.

SHIB Approaches Key Support Zone

Shiba Inu has consistently formed lower highs and lower lows over the past months. The current support zone, ranging between $0.00000960 and $0.00001000, has historically attracted buying interest. Recent trading activity shows long lower wicks, suggesting buyers are actively stepping in.

Volume is expanding as price nears the support line, reflecting growing market participation. Such activity often indicates accumulation before potential upward movement. Market watchers are noting the wedge pattern’s lower line as a decision point.

According to Jonathan Carter, SHIB’s current setup “shows potential reversal signs as buyers defend this critical zone with increasing volume.” A successful rebound could set the stage for renewed bullish momentum.

Potential Bounce Targets and Resistance Levels

If SHIB manages to close above the descending wedge resistance, the coin could test several key levels sequentially. Targets include $0.00001150, $0.00001410, $0.00001570, $0.00001770, $0.00002020, and $0.00002350. Each level corresponds to historical price reactions where sellers have taken profits.

A clean breakout with increasing volume would strengthen the potential for a trend reversal. The higher resistance zones are watched closely by traders seeking confirmation of a sustained upward move. Price movements toward these targets could unfold over multiple trading sessions.

The current trading price of SHIB is $0.00001013, reflecting a 2.32% increase over 24 hours. Trading volume of $141,712,417 demonstrates active participation despite the recent consolidation phase.

Market Consolidation and Technical Indicators

SHIB has been trading in a sideways range between $0.000008 and $0.000018. Bollinger Bands show a sharp contraction, signaling a potential volatility return. Such compression phases often precede significant price movements, preparing the market for breakout conditions.

MACD indicators are nearly flat, reflecting minimal bearish momentum. This setup often precedes bullish crossover activity. Holding the current support may allow SHIB to rebound toward $0.0000150–$0.0000200, while failure could result in a temporary dip.

Market sentiment remains muted, with low volume and trader activity. Quiet phases like this often form the base for subsequent rallies. SHIB’s price action suggests a pivotal moment, where patience and market positioning could align for a potential upward shift.

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