TLDR
- SHIB is forming a falling wedge pattern on the 4-hour chart, suggesting a possible 39% breakout toward $0.00001993
- Whale count has decreased to 10,205 from 10,232 nine days ago, hinting at waning confidence
- Price is holding above the key $0.00001413 demand zone, which has historically triggered rebounds
- Stochastic RSI is approaching oversold territory, potentially indicating an upcoming price recovery
- Exchange inflows have recently spiked while active addresses have declined from 5,000 to 3,200
SHIBA INU (SHIB) is displaying mixed signals that could determine its price trajectory in the coming days. The popular meme cryptocurrency is currently trading at $0.00001433 while forming a technical pattern that suggests a potential upward movement.
The 4-hour chart reveals a falling wedge pattern for SHIB, characterized by two converging downward-sloping trendlines extending from the May 11 peak. This pattern typically indicates weakening bearish momentum and often precedes an upside breakout.
If SHIB breaks above the wedge’s resistance near $0.00001484, analysts project a potential 39% rally from current levels. This would put SHIB on track to reach the $0.00001993 mark.
Technical indicators offer supporting evidence for this possible reversal. The Relative Strength Index (RSI) has climbed from oversold territory toward the neutral 50 line, now reading at 44.25.
Volume has declined during the wedge formation, which is typical behavior before a breakout. The 50-period Exponential Moving Average sits just above the current price at $0.00001484, currently acting as resistance.
On-Chain Metrics Show Mixed Signals
While technical patterns look promising, on-chain data presents a more complex picture. The number of SHIB whales—wallets holding at least 1 billion tokens—has decreased to 10,205, down from 10,232 just nine days ago.
Though the drop seems minor, it continues a pattern of gradual decline in large-holder participation. This slow erosion may indicate that some whales are reducing exposure amid market uncertainty.
According to Santiment data, these large addresses play a crucial role in determining SHIB’s price direction through high-volume transactions. Fewer whales could reflect weakening long-term conviction in SHIB’s future.
Network activity metrics tell a similar story. Active addresses have steadily declined since May 11, dropping from over 5,000 to nearly 3,200. This decrease often signals fading demand or reduced retail participation.
However, a sharp spike in exchange inflows over the last 24 hours presents a counterpoint to this bearish sentiment. When combined with other positive indicators, this could suggest an accumulation phase rather than selling pressure.
The $0.00001413 level has proven to be a strong demand zone historically. SHIB has bounced from this zone in past cycles, showing consistent buyer interest at this price point.
Adding weight to a potential rebound is SHIB’s stochastic RSI, which is approaching oversold region. This technical indicator typically suggests that a price recovery may be near, especially when paired with solid support zones.
The current market setup represents a tug-of-war between bullish technical signals and some concerning on-chain metrics. Price action currently seems more responsive to the positive technical developments.
As long as SHIB maintains support above the $0.00001413 zone, the path of least resistance may continue to favor upward movement. The coming days will determine whether technical indicators can overpower the weakening network fundamentals.
SHIB price movements remain closely watched by traders looking for the next major move in this popular cryptocurrency.
The post Shiba Inu (SHIB) Price: Technical Pattern Suggests Possible 39% Breakout to $0.00001993 appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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