Shiba Inu hasn’t exactly been wagging its tail lately. Over the past week, the memecoin has dropped close to 14%, keeping investors on edge. At press time, SHIB was hovering around $0.00001295, almost flat for the day. What stood out more than the stagnant price was the silence on the charts—24-hour trading volume fell by 30%, showing many traders have stepped back to wait for a clearer signal.
The wedge that could spark a rally
On the technical side, the charts are flashing something intriguing. Analysts point out that SHIB has carved out a falling wedge pattern—a classic bullish formation. Even more interesting, the token has been sticking near the wedge’s upper boundary for eight consecutive four-hour candles.
If momentum tips upward, the breakout could be quick and sharp. A potential 8.75% climb is on the cards, which would push SHIB toward the next resistance at $0.00001416. However, the Supertrend indicator remains in red territory, suggesting overall market pressure is still leaning bearish. Meanwhile, SHIB’s RSI sits around 43, keeping it in neutral territory—neither overheated nor oversold.
SHIB traders bet big on the upside
Despite the lingering downtrend, traders on Binance aren’t hiding their optimism. Data from CoinGlass shows the SHIBUSDT Long/Short ratio at a hefty 2.55, with nearly 72% of traders piling into long positions. Shorts, on the other hand, account for just under 28%.
That imbalance reflects strong bullish sentiment, even if price hasn’t yet broken free. Liquidation levels also highlight where the action is likely to heat up: $0.00001266 on the downside and $0.00001318 on the upside. At those points, $533.33K worth of longs and $261.34K worth of shorts are stacked, meaning any quick move could trigger a wave of liquidations.
The mood on-chain: cautious but leaning bullish
On-chain metrics suggest SHIB might be preparing for a reversal. While the recent downtrend has muted excitement, the heavy tilt toward longs shows traders are ready to push if conditions align. If the wedge breakout confirms, the stage is set for a solid short-term rally—potentially turning the tide in SHIB’s favor after a quiet week.
What’s next for SHIB?
For now, Shiba Inu sits at a crossroads. Bears can point to the red Supertrend and weak volume, while bulls highlight the wedge pattern and aggressive long positioning. If SHIB clears resistance with conviction, it could deliver the 8.75% jump traders are eyeing. Until then, the battle between bulls and bears continues—but this time, momentum may be sneaking back into the bulls’ corner.
