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Shiba Inu (CRYPTO: SHIB) has been stuck inside tightening price action for months, and the next weekly close will likely determine its direction.
SHIB Weekly Price Action (Source: TradingView)
On the weekly chart, SHIB trades near $0.00000975 to $0.00000980, staying pinned below a descending trendline that has rejected every breakout since October 2021.
That resistance zone sits near $0.0000135 to $0.000014, marking the key ceiling bulls must reclaim for a broader reversal.
The support zone between $0.0000086 and $0.0000091 has served as SHIB's base since June 2022.
It has survived multiple capitulation phases and triggered each major rebound through 2023 and early 2024.
However, repeated tests often weaken structural support.
If price closes below $0.00000860 on the weekly chart, the next visible demand area appears near $0.00000520 to $0.00000540.
That level represents a 39% downside from current price and overlaps with SHIB's post-listing accumulation range.
SHIB Price Analysis (Source: TradingView)
On the 4-hour chart, SHIB attempted a breakout from a tightening triangle but failed to hold above key moving averages.
The 20-day EMA stands at $0.00000989, the 50-day at $0.00000978, the 100-day at $0.00000986, and the 200-day at $0.00001021.
All four moving averages now sit above price, confirming that every bounce faces immediate selling pressure.
SHIB trades around $0.00000976, slipping back under the triangle and short-term EMAs after the failed breakout attempt.
Bollinger Bands show weakness as price rejected the upper band near $0.00001025 and quickly retreated into the range.
This indicates buyers lacked momentum to sustain an upward continuation.
While SHIB struggles to hold short-term support, Dogecoin (CRYPTO: DOGE) trades near $0.1745 and is down almost 4% on the day, signaling weakness across the broader meme sector.
Recent on-chain data shows consistent net outflows from exchanges.
Around $581,000 worth of SHIB left exchanges on November 11 as holders moved tokens to self-custody.
Sustained outflows often suggest accumulation rather than distribution.
This pattern implies reduced sell-side pressure and could help stabilize price if buyer demand returns.
SHIB is now trapped between long-term resistance at $0.00001350 and support near $0.00000860.
This compression zone is reaching its endpoint, suggesting an imminent breakout or breakdown.
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