- Shiba Inu shows bullish signals, with increased buying pressure and key resistance at $0.0000205.
- A break above $0.0000205 could lead to a 40% price surge towards $0.0000295.
- Higher OBV and strong support at $0.0000155 suggest a potential rally in the near future.
Shiba Inu has been catching attention after breaking free from a long downtrend. Following a bullish shift earlier this year, the token now looks set for another rally. With buying pressure slowly rising, Shiba Inu seems ready to break through key resistance. Could a 40% surge be coming? Let’s dive into the key factors to watch for.
📈 Shiba Inu (SHIB) Price Analysis: Potential Trend Breakout 🚀
The recent analysis of #ShibaInu suggests a possible bullish breakout, with a “Trend Breakout” indicator on the chart. The entry point is marked by a daily close above the blue trendline, targeting levels:
Target 1… pic.twitter.com/iDgnEra8h5
— krapsCoin (@KrabsCoinX) November 7, 2024
A Bullish Breakout Brewing
SHIB has struggled with resistance around $0.0000205 for some time. After breaking out of a descending wedge pattern earlier, the outlook became much more bullish. Buying pressure has increased steadily, signaling a strong potential move upwards.
Shiba Inu experienced a massive 389% rally back in February and March. Since then, selling pressure and a bearish market led to a downtrend. However, the $0.0000155 region has held up as strong support since mid-September. On the daily chart, the market structure looks bullish, which suggests further gains may be ahead.
The On-Balance Volume (OBV) indicator has been showing higher lows over the past five weeks. This signals growing buyer strength, but a breakout is still not guaranteed. A strong move in Dogecoin or positive meme-related news could drive Shiba Inu past $0.0000205.
Key Resistance and the Road to 40% Gains
Looking at SHIB’s technicals, a recent heatmap reveals a cluster of liquidity between $0.00002 and $0.0000207. This is near Shiba Inu’s current price and hints at a possible retest of this area.
A break past this resistance could lead to a major bullish move. If Shiba Inu breaks through $0.0000205, the next target is $0.0000295—roughly 40% higher.
Shiba Inu’s surge will depend on more buying volume and a shift in market sentiment. Traders should keep an eye on these developments closely. A move past $0.0000205 could spark the next rally for Shiba Inu.
Read the full article here
