• SHIB is trading at $0.00001202 amid a mild weekly decline.
• Market sentiment shows 87% of the community remains bullish.
• A strong support zone forms between $0.00001150 and $0.00001190.
• Technical patterns hint at a possible bullish breakout ahead.

Shiba Inu (SHIB) maintains a stable performance despite slight weekly pressure. Over the past 24 hours, SHIB has shown minimal volatility, reflecting market equilibrium between buyers and sellers. At press time, the token is trading at $0.00001202 with a 24-hour trading volume of $178.37 million.

Its market capitalization stands at $7.08 billion, underscoring its continued position among the top altcoins by value. Although the token recorded a 3.07% decline over the past week, the price action remains largely range-bound, suggesting consolidation rather than active selling.

Also Read: Shiba Inu (SHIB)Price Pulls Back Before Potential Surge Toward $0.000024

SHIB Technical Setup Points to Potential Reversal

Technical indicators reveal that the token is forming a strong accumulation zone between $0.00001150 and $0.00001190, a region where buyers have consistently absorbed selling pressure. This area has acted as a critical support zone in recent sessions, signaling steady demand and preventing deeper losses.

The double-bottom formation emerging within this zone suggests a possible reversal pattern. This setup typically signals a shift from bearish to bullish momentum as market sentiment transitions. The price structure forms a potential W-shape, hinting that the token may retest the lower boundary before confirming an upward breakout.

If the price holds up above $0.00001200, the next resistance points are around $0.00001300 and $0.00001380, with additional potential to $0.00001450. Retaining the current support would set up SHIB for bullish continuation, but any decline below $0.00001150 would invalidate this perspective. At this point, the setup is still constructive, putting the token primed to experiment with the potential reversal over the short term.

Community Sentiment Leans Heavily Bullish

The chart of community sentiment exhibits an extremely bullish bias, with 87% of the 1 million voters showing confidence that the market will move upward. The overwhelming majority indicates that most investors and traders expect prices to rise in the short term. Such broad bullish agreement tends to coincide with rising buying momentum as well as positive market momentum.

Conversely, only 13% have gone bearish, indicating little expectation of a market decline. Even this small bearish tilt, though, is overwhelmed by the big-picture bullish bias. In very bullish markets, though, this kind of one-sidedness is sometimes the setup for short-term corrections as the crowd gets too one way.

Also Read: Can SHIB Continue to Rise? Analysts Predict a Strong Move Ahead