Despite not the most successful week for the Shiba Inu (SHIB) meme cryptocurrency in comparison with other digital assets, technical analysis shows that SHIB still has chances to improve its position.
According to the analysis, Shiba Inu is currently in a descending parallel channel and is experiencing important resistance at the upper boundary of this channel, approaching the level of $0.000011. This fact was noted by analyst Ali Martinez.
According to the expert, "the decisive closing of the week above this level may be a signal of a bullish breakout, which will push SHIB to the $0.000014 mark." On the other hand, a pullback from this level may lead to "a drop to $0.000008 before a possible increase."
At the moment, the price of Shiba Inu is $0.000009741, which means a decrease of 1.05% in the last 24 hours and a decrease of 3.34% in the previous seven days. However, the coin still shows growth of 13.44% over the month.
Based on the recent changes in the price chart, it seems that SHIB is leaning towards the second option proposed by Martinez, as it has not yet managed to rise above the $0.000011 level. However, SHIB still has the possibility of falling to the $0.000008 level before potential growth begins.
In addition, SHIB's growth may depend on the community's reaction to the promise of Shiba Inu's lead developer, Sitoshi Kusama, of an upcoming surprise by the end of the year, which he promised to reveal next week.
It is also worth considering that the supply of SHIB on crypto exchanges has recently decreased significantly, which reduces the likelihood of instant selling pressure.
