TradingView analyst BITfinity highlights a potential breakout for Shiba Inu as it approaches the apex of a multi-year symmetrical triangle.
Notably, Shiba Inu has traded within a narrow range between $0.000012 and $0.000013 over the past week. While there was brief intraday volatility, the broader trend has been downward.
A notable dip on May 6 marked a short-term low, followed by a modest bounce on May 7. However, this movement failed to reverse the prevailing bearish sentiment.
Amid this consolidation, an analyst is now focusing on a larger technical setup that spans 3 years, suggesting a potential shift in long-term momentum.
Shiba Inu Potential Breakout as Triangle Apex Nears
According to a weekly chart shared by BITfinity, an extended symmetrical triangle pattern that began forming after Shiba Inu’s all-time high of $0.0000884 in October 2021 is nearing its apex.
Shiba Inu Price Prediction
This structure comprises a descending resistance trendline connecting a series of lower highs and a steady support level at approximately $0.00001. Since then, the price has compressed gradually within the triangle, indicating a prolonged period of decreasing volatility.
Resistance has repeatedly pushed back bullish attempts, most notably in December 2024 when SHIB approached $0.000032 but fell back to the support just above $0.00001.
Before that, in March 2024, the price briefly surged to around $0.000045, but momentum failed to sustain, pushing SHIB back to the same support.
This support has consistently held, with the lower trendline acting as a firm base throughout the downward retracements.
As the triangle’s apex nears, the chart now outlines a speculative breakout path, targeting initial resistance at the 50-day simple moving average (SMA 50), positioned near $0.000017.
If surpassed, the path projects a series of higher highs and higher lows, with a mid-term target of $0.00005 and a longer-term target of $0.0001. A surge from the current $0.000012 to $0.0001 represents a 733.33% increase.
Long-Term Holders Expand as Speculative Activity Declines
Elsewhere, data from IntoTheBlock highlights an increase in long-term SHIB holders. The metric tracking addresses holding Shiba Inu for over one year has risen by 1.46%.
Shiba Inu Ownership Chart
In contrast, short-term traders (under one month) and medium-term holders (one to twelve months) have declined. Specifically, traders dropped by 6.88%, while cruisers fell by 4.45%.
This transition suggests a redistribution phase, where speculative interest wanes while committed holders remain. These shifts in ownership behavior are contributing to lower sell-side pressure.
With fewer active traders in the market, sudden swings from large-scale liquidations or short-term profit-taking diminish, which may provide a more stable base if bullish momentum emerges.
Gradual Shift Toward Long Bias
Complementing on-chain data, a CoinGlass chart analyzing the SHIB OI-Weighted Funding Rate from early April to early May shows signs of market resilience.
Despite several dips in funding that typically reflect negative sentiment, SHIB’s price held above the key support level of $0.00001.
SHIB OI Weighted Funding Rate
Short sellers failed to push the price lower, even amid multiple bearish cycles in the derivatives market. Notably, the funding environment has now begun to favor long positions. This shift suggests improving sentiment, a typical precursor of bullish momentum.
