Shiba Inu (SHIB) broke below its key ascending trendline support on April 12, 2026, after a multi-week consolidation, signaling a decisive end to its recent recovery attempt. The price violated the trendline that had provided support since early March.
"The invalidation of this trendline is a significant technical blow for the bulls," said a technical analyst at CryptoQuant. "It suggests that the buying pressure that formed the series of higher lows has been exhausted, and sellers are now in control."
The technical breakdown was accompanied by significant on-chain activity. Data from on-chain intelligence firm Arkham shows a transfer of approximately 1.02 trillion SHIB tokens, valued at around $12.2 million, to major exchanges including Coinbase and Binance just before the price drop. Such large inflows to exchanges often precede selling pressure as tokens become liquid for sale.
With the uptrend invalidated, market participants are now looking at the next major support level for SHIB, which is located at the $0.00000950 horizontal zone. A break below this level could trigger a further cascade of selling, potentially leading to a retest of the year-to-date lows.
The recent price action for SHIB comes at a time of broader uncertainty in the altcoin market. Bitcoin's dominance has been steadily increasing, drawing capital away from more speculative assets. Shiba Inu, along with other meme coins like Dogecoin (DOGE), has struggled to maintain upward momentum in this environment. The token is now down over 15% for the week, according to CoinGecko data as of 18:00 UTC.
This article is for informational purposes only and does not constitute investment advice.
