Shiba Inu’s Squeeze Leaves Two Outcomes: A 39% Breakdown Or A Full Trend Reversal

Shiba Inu (CRYPTO: SHIB) has been stuck inside tightening price action for months, and the next weekly close will likely determine its direction.

Price Compresses Between Multi-Year Trendline And Long-Term Support

SHIB Weekly Price Action (Source: TradingView)

On the weekly chart, SHIB trades near $0.00000975 to $0.00000980, staying pinned below a descending trendline that has rejected every breakout since October 2021. 

That resistance zone sits near $0.0000135 to $0.000014, marking the key ceiling bulls must reclaim for a broader reversal.

The support zone between $0.0000086 and $0.0000091 has served as SHIB’s base since June 2022.

It has survived multiple capitulation phases and triggered each major rebound through 2023 …

Full story available on Benzinga.com