Shiba Inu pricing signals buy, 25% surge anticipated
Shiba Inu pricing broke a two-month consolidation, signaling a shift.
Investors should anticipate SHIB to rise 25% to $0.0000315 resistance.
A daily candlestick closing below $0.0000210 will invalidate the bullish premise.
Shiba Inu (SHIB) price has swung bullish with the crypto market and broken significant barriers, suggesting a rise. Before the meme currency soars, investors may buy SHIB.
Lower lows and lower highs have followed the Shiba Inu price's March 5 local peak of $0.0000457. A trend line linking these swing points reveals a decreasing trend line that was broken on May 20. Buyer pressure increased with this daily candlestick closure above the descending trend line and horizontal support level of $0.0000253.
SHIB should create a base above $0.0000253 and launch a 25% rebound rally to $0.0000315 resistance. The dog-based meme currency may retest $0.0000355, the middle of the $0.0000253 to $0.0000457 range, in a bullish scenario.
Bullish momentum is shown by the Relative Strength Index (RSI) flipping the 50 mean level into a support floor. The Awesome Oscillator (AO) also rebounded above zero mean.
With bullish momentum rising and SHIB passing technical levels, a breakout rally is imminent.
The last two months' consolidation was an excellent accumulation zone, according to Santiment's Whale Transaction Count indicator.
After a fall or consolidation, this on-chain statistic may indicate investor accumulation. Instead, if this index surges following a gain, these investors may sell.
The Whale Transaction Count indicator spiked amid falls from April 12 to May 21, indicating institutional investor accumulation. This supports the technical bullish argument.
Shiba Inu pricing is positive, but investors should beware about a crypto market drop. If SHIB has a daily candlestick close below $0.0000210 due to selling pressure, it would undermine the bullish argument.
SHIB might fall 20% to $0.0000168, the next critical support level.
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