SHIB Price Setup: Support Holds Near 0.000006 as Open Interest Rises
Shiba Inu (SHIB) is trading near the $0.000006 area, consolidating inside a descending channel since March 2024. The broader trend remains bearish: SHIB is down more than 93% from its October 2021 peak and about 86% from its March 2024 high. Traders are watching a multi-year horizontal support zone around $0.000006046, which has previously marked reaction lows (including a brief touch near ~$0.0000050 earlier this year).
The bullish case for SHIB depends on support holding and a breakout through channel resistance. If that happens, analysts cite an upside move to above $0.000010 (more than +80% from current levels). A more aggressive scenario targets around $0.000070, but it is speculative.
Derivatives and on-chain signals are cited as improving for SHIB. SHIB futures open interest rose 7.4% in 24 hours, suggesting increasing positioning ahead of a larger move. In addition, over 507B SHIB tokens reportedly left exchanges for private wallets in one day, commonly read as accumulation rather than immediate selling. Key risk remains: if the support breaks, SHIB could retest lower levels from earlier in the year.
Bullish
For SHIB, the latest setup skews positive: open interest rose 7.4% and large token outflows from exchanges (over 507B SHIB to wallets) suggest positioning/accumulation rather than immediate selling. If SHIB defends the key support around ~$0.000006 and breaks out of the descending channel, the article’s targets (above $0.000010, with a stretch toward ~$0.000070) become actionable. However, the bullish bias is conditional—failure of the support zone would likely trigger a downside retest, limiting how aggressively traders should size positions before a confirmed breakout.