Shiba Inu has entered critical territory. At the time of writing, SHIB trades at around $0.000006865, suggesting a 1.59% decrease in the last 24 hours. Open interest has recovered slightly to $78.16 million, up 7.04% over the past 24 hours. But the broader picture remains fragile. Market participants have shown no urgency to reload.
The Demand Zone That Has Defined SHIB’s History
The price action has brought SHIB back to a level that mattered before. A life-long demand zone sits around $0.0000066. This band has historically acted as a launchpad. Each prior market cycle saw buyers step in firmly at this price.
Evidence suggests it might not carry the same weight this time. Open interest cratered by 15% heading into the weekend, dropping to roughly $75 million before the partial recovery. That level of decline points to broad de-risking across the board. Traders are not positioning for a bounce. They are reducing exposure.
The burn rate reinforced this reading. Only 3.72 million SHIB were sent to dead wallets in the past 24 hours, suggesting a 34.73% drop. Total burned supply now stands at 410.75 trillion SHIB out of the original one quadrillion. The pace of burns slows when speculative interest fades, and that is exactly what the data shows.
Technical Structure Barely Intact
Despite the sharp decline, SHIB has not broken its larger chart structure. A falling wedge pattern has been forming over the past year. The token continues to respect the boundaries of that pattern. The apex is approaching fast.
The current retest of the demand zone near $0.0000062 could mark the final low inside that wedge before a breakout materialises. Technical indicators support this possibility. The RSI rebounded sharply from the 30 oversold threshold. That move signals seller exhaustion at current levels. The MACD has also turned upward, trending toward a potential golden cross above the signal line on the daily chart. A golden cross is typically an early sign that buying momentum is shifting.
The critical confirmation level sits at $0.00001. A sustained close above that price would validate the wedge breakout. From there, the pattern suggests a move toward $0.000033, representing roughly 380% upside from current prices. In a broader altseason scenario supported by a favourable macro environment, gains could extend toward the all-time high of $0.000042, marking a 575% rally.
Source: https://coinpaper.com/14251/shib-price-prediction-can-the-life-long-support-level-trigger-a-380-breakout
