After a symmetrical triangle breakout, Shiba Inu may aim for highs last seen in late 2021, according to market expert Charting Guy, who also says the token is "ready." This claim was stated by the analyst when talking about Shiba Inu's price fluctuations over a period of one week. In recent months, the symmetrical triangle in question has started forming.
In May, the lower trendline started to take shape. The upper trendline, meanwhile, became visible as SHIB's price declined from its March annual peak of $0.000045. These overlapping lines indicate the end of a consolidation period is approaching. Consequently, a breakout might happen soon.
Crucial Shiba Inu Levels
A number of significant Fibonacci retracement levels that serve as support and resistance zones are displayed in the accompanying chart. $SHIB is currently trading at $0.00001457, and the bulls are prepared to use the $0.00001104 Fibonacci support level, which is 0.236, as a defensive level.
The first significant resistance, which corresponds to the mid-August highs at $0.00001643, is present should the price break higher. The final barrier separating Shiba Inu from the $0.00002 psychological threshold is located in this area. After that, the price of $0.00002266, or the 0.5 Fibonacci point, represents the next resistance level.
Additional resistance levels are indicated at $0.00003967 and $0.000031247. Notably, $SHIB
will encounter the prior March resistance around $0.000045810 after it clears these regions, which stopped it from hitting additional yearly highs. If this is broken, SHIB may be able to move closer to its last $0.00008841 target.
Shiba Inu is probably going to encounter its greatest resistance at the $0.000024â$000030 Fibonacci levels. Specifically, the data from IntoTheBlock indicates that there is a significant sell wall in this price range, with 143,380 addresses buying 49.33 trillion SHIB at an average price of $0.000027.
SHIB may test lower supports at $0.000008411 and $0.000005808 in the event of a downward trend. That being said, this is still very unlikely. It has been months since Shiba Inu returned to these levels. The weekly RSI, which is currently at 45, indicates market turbulence but validates the potential for an upward move.
SHIB Bulls Maintain Control
Data from the market on bull-bear volume supports the positive forecast for SHIB. Interestingly, since mid-September, bulls' intraday purchases of Shiba Inus have consistently outpaced bears' sales volumes.
In particular, bulls purchased nearly 3 trillion SHIB on September 20, outpacing bearish trading by 117.1 billion tokens. Since September 6, this was the greatest amount of excess demand.
Furthermore, according to IntoTheBlock data, since September 16th, the daily total of major Shiba Inu transactions has remained above 1 trillion. On September 18, the volume plummeted to 604 billion tokens, which was the lone anomaly.
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