Shiba Inu Breaks Out of Descending Triangle, Signals Potential Bullish Run

Shiba Inu Breaks Out of Descending Triangle, Signaling Potential Bullish Run

Shiba Inu (SHIB) has broken out of a descending triangle pattern, signaling a potential bullish reversal. This breakout is marked by the price closing above the upper trendline, potentially indicating the start of a prolonged upward movement.

One important technical indicator backing this positive outlook is the alignment of the 50-day and 100-day moving averages. Currently, the 50-day moving average sits above the 100-day moving average, suggesting a medium-term bullish crossover. However, SHIB's price remains below both moving averages, highlighting the need for sustained upward momentum to confirm a long-term bullish trend.

The Relative Strength Index (RSI) is around 45, which is within the neutral zone. To build a solid foundation for potential gains, it is essential for SHIB to maintain its position above key support levels, notably around $0.000021 and $0.00001817. Staying above these levels could provide a strong base for future upward trends.

Conversely, the immediate resistance level to monitor is approximately $0.000024. Breaking past this resistance could lead to testing the next significant resistance at $0.000026. Overcoming these resistance levels with strong trading volume could result in a more extended rally.

CoinCodex's current price prediction for Shiba Inu forecasts a promising future, with an expected increase of 227.43%, potentially reaching $0.00007788 by June 14, 2024. Market sentiment, according to various technical indicators, remains bullish. The Fear & Greed Index stands at 64, indicating a greedy sentiment among investors.

Read also:

• XRP: Analyst Predicts $0.70 Amidst Pattern Speculation
• Solana Price Prediction 2024, Is It Finally the Time for This SOL Alternative To Take Center Stage?
• Dogecoin Consolidation: Symmetrical Triangle Signals Potential Reversal
• Polygon Makes Bullish Triangle, Gets 20% Surge in 7 Days
• Polygon Primed for a Major Rally After Triangle Breakout