SHIB is ready to go. Can it break out of its cocoon and return to its peak?
Shiba Inu has been caught in a vortex of adjustment recently, plummeting more than 60% from its 52-week high of $0.00004567, and the selling wave seems to have not yet completely subsided. However, in this chill, SHIB has quietly nurtured an opportunity to fight back, trying to break the silence and regain its upward momentum.
From a technical perspective, Shiba Inu's weekly chart outlines a symmetrical triangle pattern, and the two trend lines gradually converge, indicating the re-gathering of market forces. Although the current trend is still weak, the appearance of low-priced long shadows seems to be announcing to the market that the dawn of a new bull market cycle has begun. Investors are holding their breath, expecting SHIB to break through the short-term resistance trend line in one fell swoop and start a new journey.
Looking at the daily chart again, SHIB's decline is more intuitive. The suppression of the overhead trend line makes it difficult for prices to rise, and the key EMA moving averages have been lost one after another, forming a bearish scene. However, in this seemingly desperate situation, the MACD and signal lines are quietly approaching a potential bullish crossover above the zero axis, indicating that the trend may be about to turn around.
On-chain data also adds a bit of mystery to SHIB's future. According to IntoTheBlock, nearly half of SHIB holders (47%) are still in a loss, but this persistence reveals the strong resilience of the community. 78% of investors have held tokens for more than a year, demonstrating their firm belief in SHIB. In addition, the concentration of large whales holding coins is as high as 73%. The movements of these market giants will undoubtedly have a profound impact on the future trend of SHIB.
Faced with such a complex situation, optimists firmly believe that SHIB can usher in a positive cycle, challenge and break through the overhead trend line in the triangle pattern. Once the falling channel in the daily chart is effectively broken, it is expected to become a catalyst for SHIB's surge. According to the Fibonacci level analysis, SHIB's potential upside target is the 52-week high of $0.00004567, but before that, the resistance levels of $0.000029 and $0.000035 will be obstacles that it must overcome.
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