SHIB sees slight gains but remains in a downtrend.

📈 Technical analysis: A potential cup and handle breakout?
Technically, SHIB’s price pattern seems to develop a traditional cup and handle structure, usually a positive indication. Acting as a vital resistance level, this trend peaked between 2021 and 2022 and could see another high in 2025. Whereas the handle indicates a consolidation before a breakout, the cup configuration shows a long accumulation phase.

SHIB must review the crucial resistance at $0.000031177 to confirm this optimistic configuration, corresponding with the 61.8% Fibonacci retracing level. Rising above this level might create a more robust rally, enabling SHIB to inspire fresh investor trust. Analysts have observed that SHIB’s recent price consolidation and pullback have reinforced its position for a more continuous upward movement. Strong buying activity at recent declines indicates ongoing demand, which might increase SHIB.

Nonetheless, since SHIB trades inside a declining trend channel, its medium-to-long-term trend remains weak. This falling buying interest among investors and this downward slope indicate unfavorable development. A confirmed breakout above $0.00001670 would suggest that a new rally might be started. Should SHIB lose momentum above this point, it might once more enter a bearish zone and trap hopeful investors.
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