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SHIB forming a descending triangular pattern, signaling potential breakout if the support holds.
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Volume surge, RSI rebound and rising accumulation suggest fading of bearish pressure.
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Key resistance between $0.00001250-$0.00001300 could define SHIB’s short-term trend.
Shiba Inu’s (SHIB), which has a descending triangular pattern on its weekly chart, is in a critical phase. This indicates a possible breakout.
Crypto analyst SHIB KNIGHT says that SHIB’s pattern of price tightens within a descending triangular shape, which is often seen before a sudden move. This setup, along with stabilizing indicators, suggests that a rally is possible, provided Bitcoin maintains strength and does not disrupt broader sentiment.
SHIB has been trading in a narrowing band over the past few weeks. It has formed lower highs and bounced off horizontal support at $0.00001167. This price behavior is a sign of increasing pressure at the bottom, which could indicate a breakout. SHIB, currently priced at $0.00001188 has seen a modest gain of 1.82% in the last day, despite a 1.18% decline over the past seven days.
What are the key levels of SHIB support and resistance?
The support near $0.00001166 is proving to be resilient and has held up through multiple tests. Minor support is also located around $0.00001170. This area forms a short-term basis. The immediate resistance is between $0.00001195-$0.00001200. This is the zone where previous advances stopped.
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SHIB’s trend could be determined by a range of resistance between $0.00001250 to $0.00001300. A confirmed breakout over the triangle’s trendline could quickly send the token to this zone. If the current support is not held, the price may fall to the psychological level of $0.00001000.
Trading volume grew to $146.78 millions in the last day, signaling renewed activity after a decline. A significant price movement is often preceded by a rising volume that occurs when a price pattern is completed.
Technical Indicators Point to Reversal
Technical indicators are showing tentative bullish signals. SHIB’s RSI is now around 45.81 and moving upwards from oversold levels. This gradual shift indicates that the bearish momentum has waned. Although not yet in a clearly bullish zone, it suggests a possible accumulation stage. A sustained rise in RSI over 50 could confirm a stronger upward trend.
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The MACD also shows early signs of a crossover bullish, with the MACD slightly above the signal line. This crossover, though still weak in nature, adds more weight to the breakout hypothesis. Both lines are close to zero and indicate a market ready for movement.
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