- Taking chances
- Shiba Inu’s technical state
On the charts, Shiba Inu is about to enter a pivotal point as bulls and bears wrestle over a possible breakout that might determine the next significant market direction. Following weeks of sideways consolidation and declining volatility, SHIB looks to be finally waking up.
Taking chances
On the daily time frame, a notable volume spike and a potential 100 EMA (orange line) breakthrough are forming. Bulls’ attempts to regain momentum have been consistently rejected by the 100-day exponential moving average, which has long served as dynamic resistance for SHIB. The price action, however, appears to be regaining strength this time.
Near $0.0000120, the coin recently recovered from its ascending trendline and pushed upward toward the $0.0000135 zone, which is where the upper boundary of the symmetrical triangle and the 100 EMA converge. Volume, which is an important confirmation metric for breakouts, has also started to rise noticeably, suggesting that large-scale or institutional traders may be setting up for a directional move.
It is important to pay attention to this level of activity, because in the past, comparable volume surges have preceded significant upward rallies or violent rejections in SHIB’s price history. The months-long downward trend that has dominated since mid-summer could be put to an end if SHIB is able to decisively break above $0.0000135, which could lead to $0.0000140-$0.0000150.
Shiba Inu’s technical state
At roughly 55, the RSI is still moderate, indicating that more upside is possible before overbought conditions develop. That being said, there is no guarantee of a bull market. If the $0.0000125-$0.0000120 support range is not maintained, sentiment may swiftly turn bearish once more, pushing the token back toward the $0.0000115 region and potentially resuming the downward grind.
The fight for momentum is currently taking place in real time. Whether Shiba Inu’s most recent recovery attempt becomes the start of a bull run or just another false breakout in a tightening consolidation zone will be determined by the last few daily closes. Traders should be ready for increased volatility in the upcoming sessions, in either case.
Source: https://u.today/shiba-inu-shib-massive-fight-for-bull-run-chance-begins-now
