The cryptocurrency Shiba Inu (SHIB) is approaching an important point on the chart that may determine its future direction. In this article, we will examine the technical analysis and possible scenarios for SHIB price movement.
Technical Analysis of SHIB
Currently, SHIB is close to the lower boundary of an ascending triangle on the daily chart, hovering around $0.0000122. The ascending trendline formed on the chart serves as vital support for the asset.
Breakout Expectations
A breakout or breakdown is expected in the next three trading sessions, depending on SHIB's current position. If the asset can close above the $0.0000135 level, this may signal a bullish breakout. In such a case, a retest of $0.0000145 could be possible, aiming for $0.0000160. Conversely, if the support level is not held, the price may decrease to $0.0000110.
Market and RSI Indicator
In the coming days, market sentiment and trading volume will play a crucial role. The Relative Strength Index (RSI) is near neutral levels, indicating that neither bulls nor bears have total control. If momentum shifts upward, the support laid down could act as a launchpad for a broader recovery.
The price movement of SHIB will become clear in three days. Monitoring the lower boundary of the triangle will be key to understanding whether Shiba Inu enters a new bullish phase or faces another correction.
