- Shiba Inu price carves higher lows in the 15-minute chart.
- Bullish Signs as RSI at the 60 level leaves room for an uptick.
- MACD crossover hints at a buying edge if the price sustains above the green trendline.
Shiba Inu price is facing a complex technical setup on its 15-minute chart. The Shiba Inu ecosystem has a large following in the community, and traders flock to the smallest movements to turn their money into a hefty profit.
After a period of relative stagnation, the Shiba token, $SHIB, has begun carving out a series of higher lows, suggesting that the “Dogecoin killer” may be preparing for a major move.
Shiba Inu Price in Ascending Channel
A look at the recent Shiba Inu price action shows the token trading within a defined ascending channel. The 15-minute chart reveals a clear support zone established near the $0.00000570 mark, which has acted as the springboard in the recent price recovery.
SHIBA INU / USDT (15 minute chart)$SHIB is currently testing a “supply wall” in the $0.00000625 to $0.00000630 range, which is highlighted in red. A clean break above this level could trigger a “short squeeze,” potentially sending the price toward the next psychological target of $0.0000070. As long as the token maintains its position above the green ascending trendline, the short-term bias will remain cautiously bullish.
To confirm the validity of this upward trajectory, we can also look at the momentum oscillators for confirmation. The RSI (relative Strength Index) is currently hovering around the 60 mark, which indicates that there is still room for growth. Above the 70 level, the token will enter the overbought territory, where the bulls might lose control of the momentum in the price chart.
The MACD (Moving Average Convergence Divergence) is showing signs of a bullish crossover. The signal line is trending upward, which suggests that buying pressure is outpacing selling volume in the immediate term. However, traders should watch for a “flattening” of the histogram, which could signal a temporary rejection at the $0.00000630 resistance.
A close below the green ascending trendline would likely trigger a quick slide to the $0.0000060 psychologival floor. The most crucial support is the $0.0000057 level, marked with the blue horizontal zone. Historically, a breach of this level has led to a “liquidation cascade,” as leveraged long positions are forced to close. Should the $0.0000057 level fail, analysts eye a move toward $0.00000520, representing a potential 15% decline from current levels.
Editor’s Note
If the current volume is sustained along with a stability in the broader crypto markets, a breakout above the $0.00000630 level has a high probability. On the flip side, a failure to break this ceiling could see Shiba Inu price retreat to test $0.0000060 psyhcological support.
Beyond charts, another caution sign is the rising exchange reserves, which hit 81.23 trillion $SHIB. Typically, the stores of exchanges going up indicate that the users on the exchange, typically whales, are moving tokens onto the exchange to prepare for potential sell-offs.
Bottom line, for the $SHIB price chart to sustain momentum and avoid a situation where it’s painted red, the price must stay above the $0.0000060 level. A failure here, combined with the current “Extreme Fear” in the market, can potentially turn this consolidation into a sharp correction.
Also Read: River Token Price Stumbles; Can $RIVER Hit $33 Post Brutal 44% Dump?
Source: https://www.cryptonewsz.com/shiba-inu-price-eyes-bullish-breakout/
