Shiba Inu jumped more than a third in a week, and shorts are getting liquidated fast. Here’s what the weekly and 15-minute charts actually show right now.

Shiba Inu spent most of 2026 doing basically nothing worth writing about. Then, sometime around midday Saturday, the chart just tipped over.

By the time this goes up, SHIB is trading near $0.0000057, and the weekly candle alone is showing a gain past 35%. That’s the kind of single week move this token hasn’t put up in a while, and it’s happening off a base that had been grinding lower since December of 2024.

Worth saying upfront, this isn’t the kind of coin that normally gets chased on a green week. But the structure underneath this one is a little more interesting than the usual meme coin pump, so it’s worth actually looking at.

A Multi-Year Downtrend Finally Gets Tested

Pull up the weekly chart and, honestly, the story’s pretty blunt. SHIB topped out somewhere near $0.0000340, back around December of 2024 if memory serves, and from there it was a long, slow bleed, each bounce a little weaker than the one before it. Textbook descending trendline, the kind built off a string of lower highs through 2025, and price had been stuck underneath it for months.

This week’s candle is, at least so far, the first real challenge to that structure. Low printed at $0.00000409 just seven days back, and since then price has been testing the trendline off those 2025 highs, if you squint. Hasn’t closed above it. Not by a wide margin anyway. But the wick’s poking through, which counts for something.

SHIB/USDT weekly chart, TradingView / Binance. The 2025 descending trendline is under real pressure for the first time since it formed.

Here’s the part that keeps this from being pure euphoria though. Even after a 35% weekly candle, price sits nowhere close to the 23.6% Fibonacci retracement of the entire 2024 to 2026 decline, a level that works out to roughly $0.0000269, more than four times where SHIB trades right now. Weekly RSI, for what it’s worth, is only just curling up off the low 30s. This is a bounce off the floor, not a recovered trend.

Shorts Got Steamrolled

So what actually lit the fuse, then. Dug through the derivatives data on CoinGlass and, yeah, this one looks like a fairly clean short squeeze. Something like $2.32 million in SHIB futures positions got liquidated over the past day, and most of it, $1.77 million or so, was shorts getting dragged out kicking and screaming.

Futures net inflow backs that up too. Money poured into SHIB futures at a clip up over 2,000% versus the day before, give or take, and open interest is sitting near $64.7 million, still working itself out. Not proof of some grand catalyst. Just a lot of people caught leaning short into a coin that refused to cooperate.

The 15 Minute Chart Tells a Cleaner Story

Zoom into the 15-minute timeframe and, honestly, the whole move breaks down into two legs pretty cleanly. First leg took SHIB from something like $0.0000042 up toward $0.00000504, more or less, before it ran out of steam and slid into a flag.

That pullback’s the interesting bit, honestly. Barely dipped past the 23.6% Fibonacci level of the first leg, somewhere around $0.0000048, before buyers came back in. There’s an ascending trendline you can draw off the launch point and that flag low, and it’s still holding underneath the second leg, at least for now.

SHIB/USDT 15 minute chart, TradingView / Binance. The flag pullback barely dented the first leg before the second breakout started.

RSI hit somewhere around 87 during that first leg, deep overbought territory by any measure, cooled off through the flag without any real bearish divergence, and has climbed back into the high 70s on the second push. Not a warning sign on its own. Just something worth watching if it starts slipping while price keeps grinding higher.

Levels Worth Watching

If this holds, the descending 2025 trendline near current price becomes the level to watch on the weekly. A close above it would be the first in over a year. Below, the $0.0000048 flag low on the 15-minute chart is the more immediate line in the sand, and losing that would make the short squeeze story a lot less convincing fast.

None of this is financial advice, to be clear, just a read of the chart and the derivatives numbers as they stood while writing this. SHIB’s broken plenty of trendlines before and gone right back to sliding anyway, so maybe treat the bounce as exactly that, a bounce, until it actually proves otherwise.