- SHIB forms a descending triangle with a 17% move expected, key support at $0.00001413.
- Open interest rises 8% as whales withdraw 34.1T SHIB; burn rate spikes over 1,400% in 24 hours.
- Breakout targets are $0.000017 upward or $0.0000129 downward, with indicators showing mixed signals.
Shiba Inu (SHIB) is currently trading at $0.00001411 as it consolidates within a descending triangle pattern. This technical setup points to a potential 17% price move, with traders closely watching key support and resistance levels. Market activity shows mixed signals ahead of a possible breakout.
SHIB Price Consolidates Within Triangle Pattern
According to analysis prepared by TheCryptoBasic via X, SHIB has formed a descending triangle on the 4-hour chart. This pattern features lower highs converging with a stable support level near $0.00001413.
Analyst Ali Martinez noted the pattern’s potential to produce a 17% price swing once a breakout occurs. The upper resistance sits around $0.000017, while a breakdown below support could push prices down to about $0.0000129.
Technical indicators give mixed signals. The 20 and 50-day moving averages show some bullish momentum, but this strength has weakened recently. The Chaikin Money Flow (CMF) has dropped to zero, reflecting neutral capital flow between buyers and sellers. Meanwhile, the On-Balance Volume (OBV) remains flat, indicating sideways trading pressure throughout May.
Market Data Shows Increased Speculation and Key Support
Open interest for SHIB surged by 8% in 24 hours, signaling rising trader activity. Liquidation heatmaps reveal a cluster of orders just below the $0.000014 mark. This concentration aligns with previous range highs and current support levels. A close below this support could trigger a sell-off, pushing SHIB toward $0.0000129.
Whales are actively moving SHIB tokens off exchanges, with 34.1 trillion tokens withdrawn recently. This activity suggests large holders are preparing to keep their positions. Retail traders are also buying more than they are selling, contributing to accumulation around current prices. Notably, SHIB’s burn rate jumped over 1,400% in 24 hours, with a single wallet burning 1 billion tokens.
Ali Martinez summarized the situation, saying, “#ShibaInu $SHIB consolidates within a triangle, awaiting a 17% price move!” The coming days are expected to reveal whether the breakout will be upward or downward, as volume and price action develop.
