Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Shiba Inu hasspent the past several days trading in a downward path after a failed breakout attempt above $0.000015 earlier this month. Despite the cautious sentiment among investors, Shiba Inu’s chart structure on the 2-day candlestick timeframe is pointing to an interesting structure. Related Reading Shiba Inu Completes Bullish Setup: Why A 138% Climb Could Be In The Works 5 days ago
A technical analysis by crypto analyst Jonathan Carter highlights a descending triangle formation that could set the stage fora strong bullish move. The setup suggests that if support holds, SHIB could be preparing for a sharp rally in the coming weeks. Shiba Inu’s Descending Triangle Formation
Technical analysis ofthe Shiba Inu price chart on the 2-day candlestick timeframe shows the meme coin locked inside a descending triangle pattern with lower highs pressed against a descending resistance line and repeated retests of a support zone around $0.00001080 support. This level has acted as the most important Shiba Inu price floor since the beginning of the year, although buyers have been stepping in more around $0.000012 since August to defend it. Source: Chart from Jonathan Carter on X
The descending triangle formation is starting to tighten, creating a pressure that often precedes an explosive breakout. This has led to a tilt toward the bullish scenario of Shiba Inu breaking above the upper trendline of the triangle. However, this depends on whether it can bounce at the support convincingly. If the support continues to hold, this pattern could be the springboard for a push to a bullish run. SHIB Price Could Explode 100%
As it stands, the Shiba Inu price is currently on a steady upward push, having rebounded at $0.000012 in the past 24 hours. It is now trading just below the 50-day moving average that it must overcome for bullish confirmation. Related Reading Why Shiba Inu Price Could Explode 100% With This Descending Pattern On The 2D Chart 3 hours ago
Jonathan Carter’s analysis outlined several upside targets that could be unlocked once SHIB confirms a breakout from the pattern. The chart above shows a path that would take the meme coin directly into higher pricesif it breaks above the upper trendline of the descending triangle.
The first resistance is at $0.00001420, followed by $0.00001600, then $0.00001850, and finally $0.00002050. A successful rally through these levels would mark an increase of almost 100% from current prices. This bullish momentum might even be enough to position Shiba Inu for a return to the resistance zonearound $0.00002460, an area last contested at the beginning of 2025.
For this scenario to play out, SHIB must continue to defend its established support zone between $0.00001200 and $0.00001224. A breakdown below this base would invalidate the bullish outlook, leaving the meme coin vulnerable to another fall to the deeper support levels around $0.00001080.
At the time of writing, Shiba Inu istrading at $0.00001219. As long as buyers are able to maintain this support zone, the descending triangle pattern offers Shiba Inu a credible opportunity for a breakout rally. SHIB trading at $0.0000122 on the 1D chart | Source: SHIBUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com