Shiba Inu consolidates in a descending triangle, with $0.000023 support and $0.000025 resistance as key breakout levels.
Analyst Ali sees a bull flag forming, projecting a surge to $0.000037 if $0.000025 resistance is broken.
Mixed signals persist as SHIB trades below the 50 EMA; RSI at 45.61 indicates neutral-to-bearish momentum.
Shiba Inu's price action has been on the surge. Analyst Ali highlights the formation of a potential bull flag. According to Ali, the meme coin could reach $0.000037 if it surpasses the critical resistance level of $0.000025.
https://twitter.com/ali_charts/status/1859493058330362114
However, its current price of $0.000024106 places it within a descending triangle pattern, a structure known for forecasting decisive breakouts. This narrowing price movement indicates a buildup of market tension, hinting at an imminent resolution.
Current Trends and Price Movement
Shiba Inu's recent movement shows consolidation within a descending triangle. The price has gradually descended from $0.000034000, forming consistent lower highs while holding a horizontal support level near $0.000023000.
A breakout above $0.000025000 could lead to a bullish surge toward $0.000028000, with further targets at $0.000030000 and beyond. Falling below $0.000023000 might test lower levels at $0.000021000 or $0.000019200, reinforcing the bearish sentiment evident in the triangle's setup.
Key Indicators Signal Mixed Momentum
Short-term trends suggest bearish momentum as Shiba Inu trades below its 50-day Exponential Moving Average (EMA), currently at $0.00002430. The 200 EMA, positioned at $0.00002132, highlights long-term bullish strength, as prices remain well above this level.
Source: BingX
The Relative Strength Index (RSI) at 45.61 reflects neutral-to-slightly bearish momentum, with a downward slope signaling weaker buying activity. Notably, the volume data leaves traders awaiting confirmation of a potential breakout.
Critical Support and Resistance Levels
Shiba Inu faces immediate resistance at $0.000025000, aligning with the upper boundary of the descending triangle. A breakout here could drive renewed bullish interest, potentially reclaiming the recent high near $0.000032000.
On the downside, the critical support remains at $0.000023000, just below the current price. A breach of this level could result in a sharper decline, with the 200 EMA serving as a potential safety.
