Key Takeaways
- SHIB’s price reached $0.00014, its highest since late March, after breaking out from a falling trendline.
- Technical indicators like the CMF and RSI show bullish momentum, signaling further upward potential.
- If momentum continues, SHIB’s price could target $0.000019, with a possible surge to $0.000025.
Shiba Inu (SHIB) is riding the wave of the broader market recovery, tacking on another 7% in the past 24 hours. This recent surge has left the bears, who’ve ruled the market for months, grappling to keep up with the growing momentum.
As SHIB continues to climb, key technical indicators suggest it could soon break through some major resistance levels. If the trend holds, here’s where SHIB’s price could be headed in the next few weeks, assuming the market stays favorable.
SHIB Resists Drop To Support
At the time of writing, SHIB was trading at $0.00014, the highest it has reached since late March. This price increase happened after bulls resisted keeping the memecoin trapped below a falling trendline.
From the chart below, SHIB faced rejection several times as the price hit lower highs. However, last week, it broke out of the descending trendline.
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This breakout ensured that it did not drop back to the horizontal support at $0.000010, which could have invalidated the bullish bias. According to the daily chart, SHIB’s price might continue to hit higher highs while following the direction of several indicators.
For instance, the Chaikin Money Flow (CMF) reading has climbed to $0.21, indicating that SHIB bulls are in control. Should the CMF reading continue to climb, the memecoin’s value might also do the same.
Regarding momentum, the Relative Strength Index (RSI) has maintained its positive value above the neutral line. This indicates bullish momentum, and if sustained, SHIB might break the resistance at $0.000017.
SHIB Price Prediction: Breakout To Continue
Further assessment of the daily chart shows that the Awesome Oscillator (AO) reading has jumped to the positive region. Typically, negative AO readings indicate bearish momentum, while positive ones indicate bullish momentum.
Therefore, the current reading indicates bullish momentum around SHIB. In addition to that, the memecoin has also climbed above the 20-day Exponential Moving Average (EMA).
The 20 EMA acts as key support. Therefore, rising above indicates that the cryptocurrency’s value will likely trade higher.
Should the trend remain the same or improve, SHIB’s price might soar to $0.000019 near the 0.618 Fibonacci level. To achieve this, the resistance has to be broken at $0.000015, which is likely to happen in the short term.
If the broader market condition improves as SHIB hits $0.000019, the coin’s next target could be a surge to $0.000025.
However, if the cryptocurrency fails to break above the $0.000015 resistance, this forecast might not happen. In that scenario, SHIB’s market value could decline to $0.000010
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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