- Shiba Inu lost momentum after an early October rally.
- Exchange reserves are rising, signaling more holders may sell.
- A descending triangle pattern points to possible downside risk.
October started on a positive note for Shiba Inu — SHIB , as traders celebrated a strong market rebound. Many dubbed the month “Uptober,” expecting bullish continuation across the board. SHIB joined the rally, climbing toward $0.000012 and showing renewed optimism among investors. The excitement didn’t last long. On October 10, news of a trade conflict between China and the United States sent markets tumbling. Shiba Inu dropped sharply to $0.000007448, briefly adding a fifth zero for the first time in over a year.
Shiba Inu Battles to Hold Key Support
Shiba Inu’s recovery came quickly. On October 11, SHIB bounced back, erasing the newly added zero and hitting a daily high of $0.00001072. Since then, the token has managed to stay mostly above $0.00001, though price dips below that mark have occurred occasionally. On October 21, SHIB staged another recovery, climbing from $0.000009876 to $0.00001055.
Despite that uptick, the token remains far below December’s high of $0.00003329—a drop of nearly 70%. For many holders, maintaining levels above $0.00001 feels like a small but meaningful win. Yet the broader picture looks uncertain. The market is struggling to find direction, and SHIB’s technical signals hint at continued weakness. The Shiba Inu community remains hopeful, but traders are watching key support zones with growing concern.
Bearish Patterns and Rising Exchange Reserves
Data between October 20 and 22 shows Shiba Inu’s exchange reserves climbing from 82.09 trillion to 82.14 trillion SHIB . This increase suggests more tokens are moving to exchanges, likely for sale. Rising reserves often precede selling waves, which can intensify price pressure. Technical analysts are also pointing to a concerning pattern on SHIB’s daily chart. A descending triangle has been forming since April, with a base around $0.00001052.
This pattern generally signals weakness, and multiple tests of the base have already occurred. If the support at $0.00001052 fails, traders warn that the price could slide toward $0.000006. Such a move would erase recent gains and potentially add another zero back to the token’s price—a psychological setback for the SHIB community. Still, some investors believe the token’s resilience could prevent a deeper decline.
Whales and long-term holders appear to be holding firm for now, helping keep the price above crucial levels. Short-term traders, however, remain cautious amid conflicting market signals. As selling pressure builds, SHIB faces an important test. A rebound from current support could restore confidence and attract new buyers. But a breakdown below the triangle base may trigger panic selling and further losses.
For now, Shiba Inu stands at a crossroads. The next few days will likely determine whether this popular meme token stabilizes or slips into another downward spiral. Traders are watching closely, hoping the line holds just a little longer.
