Shiba Inu Eyes Gradual Breakout Above Descending Resistance Trendline

Crypto analyst Eunice Wong believes that Shiba Inu (SHIB) may be approaching a significant technical turning point after years of trading below a key descending resistance trendline.

The weekly chart shows SHIB is nearing the descending resistance line that has capped every major rally since its all-time high in October 2021. Every meaningful recovery attempt over the past few years has failed to reach this level, resulting in lower highs throughout the prolonged bearish trend.

The daily timeframe also points to improving market sentiment. After bottoming near $0.00000405 in June, SHIB rebounded to $0.00000596 last week before briefly pulling back. Buyers quickly stepped back in, pushing the token toward the same resistance zone highlighted on the weekly chart.

Analyst BuddyKing also believes that SHIB is forming a potential double-bottom pattern, with buyers consistently defending the $0.00000455, $0.00000460 support zone while challenging the $0.00000485, $0.00000490 neckline. A confirmed breakout above that resistance could pave the way for a move toward $0.00000520.