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The next action taken by Shiba Inu could determine its short-term course as it is clearly staying at technical thresholds. SHIB is currently pressed up against a declining trendline that has limited its upside since late July as it trades close to $0.00001347. This barrier forms a major confluence of resistance that bulls must overcome in order to regain momentum as it closely coincides with the 200-day EMA (~$0.00001428).
SHIB pivoting
The course of SHIB's journey might turn unexpectedly bearish or bullish. Bearish breakdown — adding a zero: Selling pressure may increase if SHIB loses the 50-day EMA ($0.00001208) and the 100-day EMA ($0.00001272) and is unable to break through the descending trendline.
In addition to exposing the $0.00001200 and $0.00001150 support zones, such a breakdown might in the worst scenario set off a decline that would essentially add a zero to the price, pushing it toward the $0.000009 territory.
Multiple scenarios
Bullish breakout with $0.00002 in sight: It would be a break above the trendline and the 200-day EMA, and a strong daily close above the $0.00001430 resistance could quickly change sentiment. In this bullish scenario, the next target is $0.00001550, which is followed by $0.00002000, a significant psychological threshold.
With the RSI currently at 54, SHIB is in neutral territory, meaning it is neither overbought nor exhibiting significant bullish momentum. The low trading volumes in the interim raise the possibility of a bigger move once one of the crucial levels is broken. This strategy is more about reaction than prediction for investors.
SHIB can reach $0.00002 if it can maintain above the 200-day EMA with increasing volume. A rejection at the current levels and a decline below the moving averages, on the other hand, would increase the likelihood of a more significant pullback. The market for Shiba Inu is currently in a price trap, with the possibility of either slipping into a major correction or exploding into a powerful bullish wave. The next few sessions will probably determine whether SHIB runs for $0.00002 or adds a zero.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team