- SHIB forms an ascending triangle, signaling a possible bullish continuation.
- Resistance at $0.00001607 is the final hurdle before a potential breakout.
- Market sentiment and technical indicators suggest SHIB is at a turning point.
Shiba Inu ($SHIB) is gaining traction as analysts anticipate an imminent breakout following a period of consolidation. The meme coin has held intense support levels while forming an ascending triangle, a pattern often linked to bullish continuations. A recent tweet from an expert analyst suggested that downside risk is minimal, reinforcing optimism among traders. With key resistance at $0.00001607, a decisive move above this level could drive a surge in price. As market sentiment improves, investors watch closely for signals confirming SHIB’s next significant move.
Technical Indicators Signal Strength
Shiba Inu has been trading within an ascending triangle characterized by higher lows and a stable resistance level. Analysts point out that SHIB’s price remains above the 50-period moving average, signaling short-term bullish momentum. However, resistance from the 100-period and 200-period moving averages suggests that SHIB must break key levels to confirm an uptrend. The stochastic oscillator sits at 44.19, reflecting a neutral position with potential for movement in either direction. These indicators suggest that while short-term momentum is positive, confirmation of a breakout remains crucial.
Price of SHIB Today
The live price of Shiba Inu is $0.00001571 per SHIB/USD, and its market cap is $9.25 billion. Its 24-hour trading volume has reached $254.46 million, reflecting vigorous market activity.
SHIB has gained 0.07% in the last 24 hours, and its circulating supply is currently 589.25 trillion SHIB. As traders closely watch for a breakout, these metrics indicate that SHIB remains a dominant player in the meme coin sector.
Market Observers Expect a Breakout
Traders closely monitor SHIB’s price action as it nears the critical resistance level of $0.00001607.A crypto analyst recently noted that the chart “looks solid on the 4H” and that a breakout is likely soon.
Market participants echo this sentiment, seeing SHIB’s ability to hold support levels as a sign of resilience. The lack of significant downside pressure has strengthened expectations that a bullish breakout may be on the horizon. If SHIB successfully clears resistance, buying pressure could accelerate, leading to a sharp upward move.
With the crypto market on edge, traders remain alert for SHIB’s next move. If the current pattern holds, a breakout could fuel significant price action, making SHIB a token to watch in the coming weeks.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
