The possibility of a downside move to $0.00000575 remains before resolving higher, as seen also on the chart. A breakout above the descending trendline could open the door for a 26% move toward $0.00000720 to $0.00000730.
At the time of writing, $SHIB was up 3.17% in the last 24 hours to $0.00000589, after it found support at $0.00000550 following yesterday’s drop.
Two things are now required: first, Shiba Inu must hold critical support and then achieve a breakout past the trendline, then “things can move fast.”
Spot traders returning to altcoins
According to Glassnode, spot traders are turning to altcoins, or alternative cryptocurrencies, of which Shiba Inu is a part. The total spot volume for this class of cryptocurrencies now runs close to four times that of Bitcoin, the highest since September 2025. Demand for higher-risk assets of this kind has often lined up with local tops in BTC.
On-chain data suggests altcoins may be entering a more critical phase, CryptoQuant noted, saying that altcoins have recently attracted a significant share of capital. Since June 2026, Total2, which represents altcoin market cap (ETH included), has absorbed over $371 billion, a 45% increase over just a few months.
This sudden appetite for altcoins is also reflected in the number of altcoins listed on Binance now trading above their 200-day moving average, a key trend indicator. While 80% of altcoins on Binance were trading below this level back in August, only 13% remain below it today.