Shiba Inu (SHIB)

$SHIB recovery is certainly being questioned as it has failed to form a stable channel of exchange outflows https://t.co/tNyo6iOMWx

Crypto analyst Eunice Wong believes #ShibaInu could be approaching a major technical turning point after spending years trading beneath a key descending resistance trendline.

Sharing daily and weekly Binance $SHIB/USDT charts, analyst Eunice Wong argued that Shiba Inu has built a long-term bottoming structure and is now attempting to break above the descending trendline that has capped every major rally since the token reached its all-time high in 2021.

The weekly chart shows that SHIB is approaching the descending resistance that has constrained its price action since it peaked at $0.00008854 in October 2021. Every meaningful recovery attempt over the past few years has failed to reach this level, creating a series of lower highs throughout the prolonged bearish trend.

Currently trading around $0.00000498, SHIB sits near the point where price meets the multi-year trendline. The prolonged consolidation around historical support has strengthened the case for a potential bottom.

SHIB has recovered roughly 22% from its recent low near $0.00000402, with rising volume accompanying the initial rally, indicating stronger market participation. Even so, the token continues to trade below a key long-term exponential moving average, suggesting additional resistance could emerge even if it clears the descending trendline.

Rather than forecasting an immediate rally, Wong emphasized that SHIB’s breakout could develop gradually. The token may need additional time to build enough momentum to overcome a resistance level that has remained intact since the 2021 market peak.
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#ShibaInu’s token burn campaign gained remarkable momentum throughout July, with community burn tracker Shibburn reporting that the ecosystem permanently removed 3,248,854,065 $SHIB tokens over the past 30 days.

At the time of the report, the burned tokens were worth $16,575. Notably, Shibburn revealed that the monthly total represented a 1,395% increase in burn rate compared with the previous 30-day period.
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