Meanwhile, Shiba Inu (SHIB) price continues to remain indecisively stuck around the $0.00001198 level. This level is being watched closely by short-term speculators and long-term holders alike. The bullish price action of Shiba coin indicates a potential big Shiba breakout in the future. Experts remain divided on which way it is headed. Further inspection on the weekly chart shows this squeezing pattern, a sign of tightening price consolidation before a potentially explosive move.
Key Support and Resistance Levels
The inspiring resistance line for Shiba Inu now lies at $0.0000125. When the price clearly moves above this level, volume tends to spike with more urgency. This is an extremely strong signal of bullish market momentum. A drop below the $0.00001150 support might indicate more downside action.
On the monthly timeframe, Shiba Inu trades in a very tight range between $0.00001150 and $0.00001250. This range marks a historically notable support range, further increasing its significance.
Expert Opinions Divided
Analysts are split on what Shiba Inu’s short-term future looks like. Opportunistic traders would do well to wait for a clear break above $0.0000125 resistance first. Only after that should they think about starting to go long. While an imperfect strategy at best, this approach provides a starting point to take advantage of breakout driven upward momentum.
Other analysts recommend looking for short entries if the price drops under the $0.00001150 support. This strategy hopes for a soft landing if the support does not hold. Given the divergence in expert opinions, it’s clear that the future of Shiba Inu is filled with uncertainty.
Technical Indicators Suggest Neutral Sentiment
The Relative Strength Index (RSI) for Shiba Inu is 51.96. This reading is considered indicative of a neutral market sentiment, or neither overbought or oversold conditions. The neutral RSI dovetails with the short-term consolidation seen in SPX and the absence of directional bias.
The weekly chart of Shiba Inu indicates a significant decrease in trading activity. This decrease tends to be an early indicator of a major move in price direction. This adds more credibility to the theory that Shiba Inu is currently coiling up for a potential breakout in either direction. For a confirmed bullish move, Shiba Inu needs to sustain above the resistance at $0.00001250.
