- SHIB is holding above the key $0.00001100 support, showing signs of stabilization after a prolonged downtrend.
- The price is testing a descending trendline and resistance cluster near $0.00001234–$0.00001238.
- A breakout above this level could open the path to $0.00001368 and beyond.
- Sustained momentum above $0.00001200 may signal a potential trend reversal.
Shiba Inu (SHIB) is trading at 0.00001172 on the daily chart, reflecting a 1.05% loss for the day. The market has been in a corrective phase since mid-May, with price steadily pulling back from the local high near 0.0000179. However, the recent price action shows signs of a possible shift, as the meme coin holds above key support and starts pressing against early resistance levels.
The broader trend over the last few weeks has been bearish, marked by a consistent pattern of lower highs and lower lows. Despite this, the meme coin has managed to establish a solid base around 0.00001100, and the current push above 0.00001170 suggests growing interest from buyers. This area now acts as a short-term pivot level. If SHIB can maintain momentum and close above 0.00001200, it may begin to break the sequence of lower highs and trigger bullish interest.
SHIB Tests Trendline, Reversal in Sight
The 1-hour chart supports this potential recovery. SHIB is testing a descending trendline that has been in place since mid-May. It’s also pushing against the 0.00001223 zone, which aligns with the 200-hour moving average and horizontal resistance around 0.00001234–0.00001238.
A breakout above this cluster could open the way to 0.00001368, with further upside potential toward 0.00001524 and 0.00001727 if volume continues to rise and support holds.
From a technical standpoint, SHIB is positioned for a potential reversal if it can clear short-term resistance. The key now is follow-through: reclaiming 0.00001238 and sustaining above it would strengthen the bullish case. As long as SHIB stays above 0.00001100, the risk-to-reward remains favorable for a breakout attempt.
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