- SHIB’s breakout from the descending trendline suggests bullish momentum ahead.
- Key support at $0.00001000 could stabilize $SHIB during potential pullbacks.
- Strong trading volume indicates heightened investor interest in $SHIB’s upward potential.
Shiba Inu ($SHIB) has shown signs of a potential all-time high (ATH). A crypto Analyst has highlighted breakout from a descending trendline, suggesting bullish reversal in price action.
Price Trend Analysis
The price movement of $SHIB/USDT reveals a consistent downward trend characterized by lower highs, depicted by a white descending trendline. This downward trajectory has raised concerns among investors about further declines.
However, the recent breakout above this trendline indicates a possible change in momentum, opening up opportunities for upward movement.
Read also: Shiba Inu Burn Rate Surges 700%, Price Rally Fueled by Kusama’s Remarks
Support and Resistance Levels
It is important to understand support and resistance levels to gauge future price movements. The previous low of $0.00001000 is a critical support level that could provide a base for buyers if the price retraces.
On the upside, there are several resistance levels, with immediate resistance at $0.00001707, where the price is facing selling pressure.
If the bullish momentum continues, traders may look toward higher resistance levels, with the next key resistance at $0.00004000. Beyond this, there is a significant resistance level at $0.00007000. Breaking through these levels could solidify $SHIB’s upward path.
Market Indicators and Outlook
The current market sentiment around Shiba Inu is relatively positive, with the live price sitting at $0.000017 . Over the past 24 hours, $SHIB has experienced a notable increase of 12.66%, with a trading volume of $744,353,702. Such robust trading activity indicates strong interest among investors.
SHIB/USD 1-day price chart, Source: Coinmarketcap
Market indicators support the bullish outlook. The 1-day Relative Strength Index (RSI) is 74.28, suggesting that $SHIB may be overbought in the short term. The 1-day Moving Average Convergence Divergence (MACD) is trading above the signal line, hinting at a potential price correction or pullback.
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