Shiba Inu's price predicts a significant movement due to a trendline breakout. On the three-hour chart, Shiba Inu is experiencing compression just above a key support level, accompanied by reduced volatility. Trader 'SHIB Knight' shared a chart screenshot showing that Shiba Inu's price is ranging between support below and a descending trendline above, creating a narrowing range that could soon lead to a larger movement.
According to the chart, the possibility of a drop to $0.00000575 remains before a bounce upward occurs. A breakout above the descending trendline could pave the way for a 26% rise to the $0.00000720-$0.00000730 range. At the time of writing, SHIB has increased by 3.17% over the past 24 hours to $0.00000589 after finding support at $0.00000550 following a decline the previous day. Currently, Shiba Inu must hold critical support and then break above the trendline for the movement to become rapid. According to Glassnode data, spot traders are turning to alternative cryptocurrencies, including Shiba Inu. The total trading volume for this class of cryptocurrencies is approaching four times that of Bitcoin, the highest level since September 2025. Demand for riskier assets, such as altcoins, often coincides with local peaks in BTC price.
On-chain data indicates that altcoins may be entering a more critical phase. CryptoQuant notes that altcoins have recently attracted a significant share of capital. Since June 2026, Total2, representing the market capitalization of altcoins (including Ether), has absorbed over $371 billion, marking a 45% increase over several months. This sudden thirst for altcoins is also reflected in the number of altcoins currently trading on Binance above their 200-day moving average, a key trend indicator. While 80% of altcoins on Binance traded below this level in August, only 13% remain below now.
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