Shiba Inu price has previously made a bullish breakout, but now it is difficult to develop bullish momentum. However, SHIB may soon rise towards at least $0.0000125
The popular meme coin SHIB, created by the Shiba Inu project, is an ERC-20 token and one of the main rivals of Dogecoin.
As the results of technical analysis show, the daily timeframe gives conflicting signals.
On the one hand, the SHIB price made a bullish breakout of the long-term downward resistance line, which has been present on the chart since February.
Also, the price completed an ABC correction while remaining below this resistance line.. The correction stalled at Fibo 0.786, with the daily RSI above 50 on April 1st.
Despite these positive signals, SHIB was unable to develop growth after the breakout. In addition, the token did not reach the nearest resistance at $0.0000123.
Now it is trading near the levels that preceded the breakdown.. It can be considered a sign of weakness.. You can also see long upper wicks on the chart, which also indicates selling pressure.
If the SHIB falls below the Fibo level of 0.786, it could potentially weaken to $0.0000077.
Shorter 6-hour timeframe supports bullish breakout and continued uptrend. This scenario is supported by the formation of an ascending triangle, which is considered a bullish pattern.
Now the SHIB rate is near the support line of this pattern. Accordingly, a rebound from it may occur in the next 24 hours.. Close above $0.0000115 resistance area confirms bullish breakout.
A rise in price for the entire height of the pattern could push SHIB to $0.0000137. In this case, the market will break through the previously identified resistance area and reach the high of wave B.
Conversely, a close below the rising support line will cancel the bullish outlook and could send the market down to $0.000077.
Thus, the most likely scenario for SHIB is for the price to break out of the short-term triangle and rise towards at least $0.0000125 or even $0.0000137..
This bullish outlook will be canceled if it closes below the short-term upside support line, which could trigger a fall towards $0.000077.