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Once again, Shiba Inu is gaining momentum as the asset tries to break through the crucial resistance level of $0.000013. With a significant rise in trading volume and a string of higher lows developing on the chart, SHIB has demonstrated signs of recovery after a protracted period of consolidation and downward pressure. It is still unclear if this is the start of a significant breakout.
The current price movement of SHIB is centered on the $0.000013 mark, which has served as both resistance and support in past market movements. A strong break above this level might start a rally in the direction of the next important resistance levels, which are $0.000016 and $0.000018. Shiba Inu has historically experienced sharp price swings when breaking out of consolidation zones, and the current technical configuration raises the possibility of a similar situation.
SHIB is benefiting from a number of bullish indicators. Nearing the midline, the Relative Strength Index (RSI) indicates growing buying momentum without yet entering overbought territory. Furthermore, the downward trendline that has constrained SHIB's price movement for weeks is being tested; a break above it might lead to a surge in fresh buying activity. Additionally, the volume profile of SHIB points to an increase in accumulation, which usually comes before price increases.
Yuri MolchanThe idea that institutional investors and whales might be lining up ahead of a possible breakout is supported by the rise in transaction volume. Although there is increasing optimism, SHIB traders should exercise caution. A second retrace toward the $0.000012 support level is likely if the asset is unable to close above $0.000013 with significant volume. A rejection at this level might indicate more downward pressure, postponing any possible breakout and maintaining SHIB's extended consolidation period.
Dan Burgin
Vladislav Sopov