Shiba Inu (SHIB) is showing conflicting signals on its weekly chart, where a multi-year decline may be running out of room near a support floor that has held since 2021.
Key Points:
- SHIB trades near $0.0000056, close to historic lows, after a 10% drop over the past week.
- A long-running descending triangle has capped every recovery attempt since the token's 2021 peak.
- One analyst argues a completed three-wave decline could mark the final stretch of the correction.
SHIB Chart Nears Long-Term Support
The token changes hands around $0.0000056, sitting just above a support band near $0.0000055 that has absorbed selling since the coin's early days. Open interest in SHIB rose 2.1% over 24 hours, even as spot volume fell 18%, a split that has left traders unsure which way the next move breaks.
Sellers have repeatedly tested that floor without forcing a sustained breakdown.
The wider structure is a contracting descending triangle, a pattern that has capped SHIB since its 2021 high. Each recovery has run into the falling upper resistance line and turned lower, keeping the trend pointed down for years.
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Aurex Finance Flags A Possible Turning Point
An analyst writing under the name Aurex Finance outlined a completed three-wave corrective structure on TradingView that may mark the end of the token's long slide. The first wave carried SHIB from a March 2024 high of $0.000045 down to $0.000010 by August of that year.
A partial recovery then lifted the price to $0.000033 in December 2024.
A third wave pushed prices back toward the lower edge of the triangle, where they now sit. The analyst says the three-wave decline appears to have ended directly on top of long-term support, a setup technical traders call a confluence.
That overlap between the wave count and the support level is what leads the analyst to argue the multi-year correction could be in its final stretch.
Two Resistance Levels Stand In The Way
Any recovery attempt faces two clear hurdles, according to the analysis. The first is the falling resistance trendline near $0.000011, and the second is the late-2024 recovery high around $0.000033. A move above both would mark a meaningful shift and hand momentum back to buyers.
Until then, the long-term picture stays technically weak.
SHIB has spent much of 2026 grinding lower, sliding more than 90% below its October 2021 record of roughly $0.0000862 as meme-coin demand thinned and early holders rotated into newer bets. The token has traded inside a tightening range for months, a compression that often precedes a sharp move once price finally escapes the triangle in either direction.
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