- Shiba Inu broke above the $0.00001700 resistance level, suggesting bullish continuation toward the $0.00003500–$0.00004000 range.
- While the daily chart remains strong, the 1-hour timeframe reveals a rising wedge and declining volume, signaling short-term caution.
- A drop below $0.00001400 could lead to a correction, while a move above $0.00001476 may reignite upward momentum.
Shiba Inu (SHIB) is making headlines after breaking a key resistance level, signaling a potential move toward $0.000040. While the daily chart paints a bullish picture, short-term indicators hint at caution as intraday patterns reveal signs of weakening momentum.
SHIB Breaks Long-Term Resistance With Bullish Structure
Shiba Inu (SHIB) has recently broken above a key horizontal resistance zone near the $0.00001700 level. This zone has had limited upward movement since April, with multiple failed attempts to close above it. The breakout on the daily chart suggests improving sentiment, as buyers are gaining control of market direction.
The price also moved above a descending trendline that has shaped SHIB’s structure for several months. This technical breakout signals the potential for a bullish continuation. If SHIB sustains price action above the $0.00001700 level, the chart setup indicates possible targets between $0.00003500 and $0.00004000. The breakout pattern remains valid as long as the price does not fall below the newly established support.
Intraday Chart Shows Rising Wedge and Bearish Divergence
The daily chart implies that the coin is strong, and the SHIB 1-hour on Binance gives mixed signals. A rising wedge structure has been created, and the price has challenged the upper trendline on a number of occasions but has been rejected on each occasion. This trend tends to imply a loss of strength in the upward trend and the possibility of a reversal.
At the moment, SHIB is exchanged at the level of $0.00001448, a bit lower than the short-term moving averages. The volume is lower than the old high levels meaning that there is less side to buy it. The short-term correction can be possible in case the price falls below the wedge support at around the level of $0.00001400. Nevertheless, a surge beyond the price at $0.00001476 may countermand the arrangement and aid a fresh bullish spurt. These levels can be closely monitored by traders to be confirmed.
