- ShibaInu (SHIB) is approaching a critical support zone near $0.0000114, with a descending triangle pattern and declining volume indicators suggesting potential further downside.
- However, traders are watching closely for bullish divergences that could signal a possible trend reversal.
ShibaInu Slips Toward Key Support Amid Bearish Price Pattern
Shiba Inu (SHIB) is under pressure once again, with the popular memecoin approaching a crucial support zone near its recent local lows. Technical analysts are watching the $0.0000110 to $0.0000114 range closely, as a breakdown here could spark fresh selling. At the heart of this bearish setup lies a descending triangle pattern, a classic chart signal that often points to continued downside.
Since March, SHIB has been range-bound between $0.0000115 and $0.0000142, but the recent drop below $0.0000152 confirmed the formation of this bearish structure. The Relative Strength Index (RSI) remains below 50, suggesting that sellers are firmly in control.
Liquidity Clusters Point to $0.0000114 as the Next Battleground
According to data from Coinglass, liquidation heatmaps show a strong cluster of orders around $0.0000114, making it a likely target for ShibaInu in the near term. On-chain metrics paint a similarly cautious picture: the On-Balance Volume (OBV) has been sliding since May, reinforcing the idea that selling pressure is outpacing buying demand.
As SHIB edges closer to this magnetic liquidity zone, traders should be on high alert. A break below this level could trigger liquidations and force the price even lower, while a bounce could offer the first signs of recovery.
Can Bulls Step In for a Reversal? Watch for Key Divergences
Despite the bearish tone, there’s still room for optimism—if you’re watching the right signals. A bullish divergence on lower timeframes, such as an uptick in RSI or a rise in OBV despite falling prices, could hint at a reversal. Traders should be prepared for quick moves and set clear entry and exit strategies. Stop-loss orders just below $0.0000110 can help manage risk, while a volume spike may indicate growing demand.
Make or Break Moment for SHIB
ShibaInu’s immediate future hinges on how it reacts to the $0.0000114 support zone. While technical patterns and volume metrics suggest further downside is possible, the possibility of a bullish divergence remains on the table. In this volatile environment, staying informed and following a disciplined strategy will be key for traders navigating SHIB’s next big move.
