Shiba Inu is currently stuck around support on higher timeframes, but the prospect of a breakout remains well in the picture.
Looking at the weekly chart, Shiba Inu ($SHIB) has been consolidating for weeks, as the price tightens within a range. Volatility has declined, with the pattern suggesting momentum is building toward the next directional move.
Meanwhile, with conditions beginning to improve, the crypto market seems poised for an upward move. But at which price will $SHIB finally break free？
Key Points
- Looking at the weekly chart, Shiba Inu ($SHIB) has been consolidating for weeks, with price tightening within a range.
- The asset has held steadily above the $0.0000060 support as it slowly builds a base for an upward move.
- However, $SHIB has been stuck under a descending trendline on the 8-day timeframe since 2021.
- With recent consolidation and brightening market conditions, a huge breakout could be imminent.
- The first level at which Shiba Inu will finally be free is $0.00002, with chart data showing the possibility of a $0.0001 price.
Shiba Inu Shows Positive Signs
Analyst and prominent community voice $SHIB KNIGHT has identified the levels Shiba Inu would need to reach to be considered free amid weeks of price consolidation. This comes as the meme coin has begun to show signs of life, reacting positively to the broader market trend.
For context, $SHIB is up 4% since this week and 3.3% in the past 24 hours, as Bitcoin reclaimed $81,000. While its performance still trails that of large caps like Bitcoin and Ethereum, recent price action is positive, marking a deviation from the earlier downtrend.
Again, the asset has held steadily above the $0.0000060 support as it slowly builds a base for an upward move. These factors continue to influence sentiment about a sustained recovery push by Shiba Inu in the near future.
Descending Triangle Breakout Is Key
Meanwhile, a separate analysis from “Pepa” shows $SHIB stuck under a descending trendline on the 8-day timeframe. This downward-facing resistance has capped the tokens price since its 2021 all-time high of $0.0000885, with prices forming lower highs under this trendline.
Shiba Inu Descending Trendline per Pepa
However, the dynamic resistance has now trended close to the current price levels. With recent consolidation and brightening market conditions, the analyst noted that Shiba Inu could be up for a huge breakout. This supports $SHIB KNIGHTs outlook of the meme coin finally breaking free from price barriers.
Notably, such breakouts are notable, as the asset has remained suppressed for several years. Typically, the longer the consolidation lasts, the stronger the breakout and the longer the subsequent move.
Levels Where Shiba Inu Will Finally Be Free
According to $SHIB KNIGHTs chart, the first level at which Shiba Inu will finally be free is $0.00002. The 212% rise from the current market price of $0.0000064 would not only see it reclaim psychological support levels but also revisit prices last seen since January 2025.
Shiba Inu Targets per $SHIB KNIGHT
Further, the chart shows that a free $SHIB can cancel two zeros to reach $0.0001, marking a 15,500% rise from the current price. Notably, this level has been a long-standing aspiration within the Shiba Inu community, but its possibility is up for debate for several reasons.
In the meantime, $SHIB is receiving increased market attention, supporting bullish outlooks. Trading volume has surged by 20% in the past 24 hours, with open interest (OI) growing 7% in the same timeframe to confirm the rising market participation.