SHIB Tests Major Support Band $0.0000066–$0.0000051 — Accumulation Zone or Distribution?
Shiba Inu (SHIB) has fallen into a multi-year support band around $0.0000066–$0.0000051 after sliding more than 60% from its September 2024 peak. Price reached a low near $0.00000582 and is trading around $0.00000623, sitting on the lower trendline of a broader bearish channel. Technical observers note SHIB appears to be tracing a Gartley harmonic pattern (A: $0.0000456, B: $0.0000183, C: $0.0000332, current D near support), where completion of the D leg often precedes a reversal — making the zone potentially attractive for accumulation. However, on-chain signals complicate the outlook: CryptoQuant data shows rising exchange reserves and limited net withdrawals, which point to distribution rather than strong accumulation and suggest buying pressure is muted. Analysts conclude the band could offer a favourable risk-reward entry for longer-term buyers if support holds, but warn there is no certainty — failure of the support would extend the downtrend. Traders should weigh technical reversal signals (Gartley pattern, channel support) against on-chain exchange-reserve indicators and use position sizing and stop-losses accordingly.
Neutral
The combined reports present mixed signals for SHIB’s near-term price direction. Technical analysis is mildly bullish: price sits on a long-term support band and traces a Gartley harmonic pattern whose completed D leg can precede reversals, offering an attractive accumulation zone for traders favoring mean-reversion setups. Conversely, on-chain exchange-reserve data from CryptoQuant indicates rising reserves and limited withdrawals, which is typically a bearish or at-best neutral sign because it suggests distribution or lack of buyer conviction. Given these conflicting indicators, the immediate impact is neutral — a potential bounce is possible if the support holds and buying activity increases, but the risk of further decline remains if distribution continues and support breaks. Short-term traders should watch volume, exchange flows, and whether the D leg completes; use tight risk management. Longer-term traders could consider staged accumulation only if on-chain signs of accumulation emerge or price confirms a reversal with sustained buying.