The SHIB price has reached a critical moment, sitting at the $0.000012 support level. Consolidation creates uncertainty, and traders await further direction.
SHIB's Price Action: Key Levels
The current SHIB price relies on the $0.000012–$0.000011 support zone. Data from TradingView shows that the token has been in a symmetrical triangle since July, indicating an imminent breakout.
As price action moves toward the triangle apex, direction remains ambiguous. This support band is the last shield preventing SHIB from further declines. The pressing question is whether this level will initiate a bullish rally or lead to a sharp breakdown.
Current On-Chain Metrics
The derivatives market also conveys the ongoing suspense surrounding SHIB. Over the past month, the average SHIB futures trading volume has remained steady, fluctuating between $350 million and $100 million.
This steadiness indicates that participants are still engaged but are holding back from making large commitments. Instead of chasing volatility, traders appear to be waiting for a decisive price signal before shifting strategy. Open interest adds another layer to this analysis. After peaking at $328.36 million on July 22, SHIB's open interest has cooled, now sitting in the $200 to $150 million range. This drop suggests a retreat from speculative excess.
Consolidation Poised for SHIB Momentum
Amid this phase of consolidation, some analysts see signs of an explosive movement ahead. Projections suggest potential growth toward $0.00023, representing a significant gain from current prices. This optimistic forecast is based on the premise that SHIB's ongoing compression is storing momentum for a decisive breakout. Historically, extended periods of consolidation in crypto have often served as precursors to sharp moves filled with liquidity and speculative fervor.
SHIB remains in a tightening consolidation phase, with price action coiled near support. While traders observe cautiously, analysts note that prolonged compression could pave the way for a strong rally once momentum shifts.
