Shiba Inu (SHIB) is experiencing a significant moment in the market, signaling potential recovery after a long period of decline.
Breakout from Downtrend
SHIB has broken above a seven-month downtrend, suggesting a shift from weakness to recovery. The current price has increased by more than 4 percent, situated at the higher end of its consolidation zone.
Testing Support Levels
SHIB is currently trading around 0.00001452, with trading volumes exceeding 618 billion tokens. This activity indicates stronger market engagement. The token is also testing a former resistance that has become support. Successfully holding this level may lead to further bullish momentum.
Support and Market Outlook
SHIB remains within a broad trading range of 0.00001100 to 0.00001500. A decisive breakout above this ceiling is necessary to open up new upside. Support levels are located between 0.00001200 and 0.00001300, but breaching these may lead to a return to consolidation.
Shiba Inu is at a crucial point following the breach of a long-term trendline. The upcoming retest of support is expected to clarify the token's momentum direction.
