Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The next big step for Shiba Inu will be clear in three days as the asset comes closer to the lower border of the ascending triangle. A tightening triangle has been forming around the asset, and the lower ascending trendline is now serving as vital support. According to this structure, SHIB is approaching a turning point that will decide whether the meme-inspired token can recover or experience another decline. SHIB is positioned close to the lower edge of its ascending triangle on the daily chart, hovering around $0.0000122.
SHIB technical breakdown
A breakout or breakdown is expected because SHIB has roughly three trading sessions left before testing this boundary, given its current positioning. The setup has a cautiously optimistic slant. Selling pressure has continuously been absorbed by the rising support line, indicating that buyers are maintaining control. Meanwhile, the descending trendline above and resistance levels close to the 100 and 200-day EMAs are limiting the amount of upward momentum.
A bullish breakout could be confirmed by a close above $0.0000135. If volume supports the move, it may retest $0.0000145 and ultimately target $0.0000160. A different picture would be painted, though, if the lower trendline were not maintained. In case of a breakdown, $0.0000120, SHIB may be forced back toward $0.0000110, invalidating the recovery setup and returning the asset to a more general bearish trend.
RSI's neutral level
In the upcoming days, market sentiment and volume will be crucial. The Relative Strength Index (RSI) is close to neutral levels, indicating that neither bulls nor bears have total control despite recent price weakness. If momentum shifts upward, the groundwork laid by the ascending support could act as the launchpad for a broader recovery.
In short, SHIB’s price movement will be evident in three days. Investors should keep a careful eye on the triangle’s lower boundary because it will determine whether Shiba Inu enters a new bullish phase or experiences another correction.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team