On the technical side, analyst Crypto With Gopal flagged a rising wedge on the SHIB/USDT daily chart. SHIB was trading around $0.00000576, near the upper boundary of the pattern. In classical terms, a rising wedge is often treated as a compression structure that can resolve lower if support gives way.
The bearish map if wedge tweaks
Gopal’s levels were straightforward:
- Resistance: roughly $0.0000062
- Near support: around $0.0000050
- Breakdown target: near $0.0000027
That downside objective would represent a deep retracement from current prices. The key is confirmation. As long as SHIB holds the rising support line, the wedge remains a warning rather than a complete breakdown.
A decisive daily close under that support would be the signal that turns the pattern from caution into active downside momentum.
Coinbase burns cap supply
The other side of the tape is more constructive.
According to Cointurk, Coinbase has been the largest contributor to recent SHIB supply reduction, burning about 143.96 million SHIB over the past 30 days. In the last 24 hours alone, roughly 68.29 million SHIB were burned, with the daily burn rate jumping about 154%.
The weekly picture was more mixed. Over seven days, total burns reached about 86.75 million SHIB, but the weekly burn rate was still down roughly 22% versus the prior week.
Golden cross talk returns
Cointurk also noted that a Shiba Inu golden cross setup is plausible on the daily chart as the MA 50 and MA 200 are set to converge for the first time since November 2024. Traders are now watching Federal Reserve data as a macro swing factor. A golden cross would be a longer-term momentum signal, not an overnight catalyst.
Still, pairing that chatter with exchange-led burns gives bulls a fundamental narrative to work with while the daily chart stays compressed.
The triple breakdown
Shiba Inu’s (SHIB) setup is split between these factors:
- Chartists are watching a rising wedge that could open a path toward $0.0000027 if support snaps
- On-chain market watchers are highlighting Coinbase-led burns and a sharper daily destruction rate
- Momentum traders are eyeing whether a golden cross can reappear after nearly two years of silence
Technically speaking that leaves SHIB in a familiar meme-coin posture: supply is being trimmed, but the daily structure still has to prove it can hold.
If the wedge support survives and burns stay elevated, the bull case gains breathing room. If the rising support breaks, the burn headlines may not be enough to stop a deeper retracement.
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