- SHIB forms a bullish cup within the triangle, targeting $0.00023 with 17x potential from current levels.
- Whale accumulation hits 4.68T tokens as open interest rises 8.31% to $231.16M.
- RSI at 55.45 and Bollinger Bands show stable trend; MACD signals mixed momentum.
Shiba Inu (SHIB) is showing strong price structure supported by a symmetrical triangle on the daily chart. The asset recently bounced from the $0.00001000 level and now trades above $0.00001400. A bullish cup formation near the triangle apex signals that momentum is building for a major breakout.
Chart Pattern and Market Indicators Align for Potential Move
SHIB price is compressing within a symmetrical triangle pattern. This technical structure forms as support and resistance lines converge with multiple touchpoints. The current formation shows a cup-shaped curve near the apex, often linked with upcoming breakout moves.
The projected price target is $0.00023, which represents a 17x move from the triangle base. Price recently rebounded from a strong support zone near $0.00001000 and steadily advanced to $0.00001408. The 24-hour range remains stable between $0.0000133 and $0.00001414, with consistent upward movement.
RSI stands at 55.45, in a neutral zone, indicating room for further price movement. However, the MACD histogram signals bearish divergence, creating mixed expectations. The Bollinger Bands show the price slightly above the middle band, supporting current trend stability.
On-Chain Activity and Development Fuel Sentiment
Data from CoinGecko shows Shiba Inu’s market capitalization at $8.29 billion. The circulating supply stands at 589.24 trillion tokens, closely matching the total supply. SHIB recorded a 24-hour trading volume of $201.61 million, while 790,000 wallets hold the asset.
Shiba Inu’s infrastructure continues to evolve. The recent launch of Shibarium updates includes gas fee sponsorship and staking upgrades. As reported by @Shibizens, SHIB’s documentation hub was updated to support developer activity.
On-chain indicators reflect rising engagement. Whale accumulation increased on July 23 with 4.68 trillion tokens added. IntoTheBlock reports that 42% of holders remain in profit, with 74% of tokens held by large addresses. Crypto market recovery and Ethereum momentum add further support. SHIB’s open interest rose 8.31% to $231.16 million, showing growing investor interest.
