Analyst Javon highlights Shiba Inu's breakout and bullish trend, with targets pointing to $0.000081 amid strong buyer interest.
Fibonacci levels show SHIB trading above key supports, with $0.00002703 acting as a pivotal zone for continued bullish momentum.
Shiba Inu's resistance at $0.00003500 could drive prices higher, while overbought RSI suggests potential short-term consolidation.
Analyst Javon has highlighted Shiba Inu's ($SHIB) recent price trends. Following a key breakout in late 2024, $SHIB confirmed its bullish trajectory, forming higher lows and highs. This action suggests significant upward potential, with the $0.000081 target remaining achievable.
https://twitter.com/JavonTM1/status/1863027463988637923
Shiba Inu's Uptrend
Shiba Inu experienced a parabolic rally in early 2024, surging from consolidation near $0.00000820. This rally was followed by a descending wedge pattern, characterized by lower highs and lower lows, signaling a corrective phase. The breakout from this wedge marked a shift in sentiment, propelling $SHIB into an uptrend supported by strong buyer interest.
Subsequent bullish confirmation emerged as $SHIB surged above $0.00000950, solidifying its trajectory. Currently consolidating near $0.00001000, it remains poised for further upward movement. Key support now lies at $0.00000950, while resistance near $0.00001100 and $0.00001500 defines the next targets.
Fibonacci Levels
Fibonacci retracement levels identify critical price zones for $SHIB. After a notable low at $0.00001152 earlier this year, a breakout above $0.00001927 confirmed increased bullish momentum. Currently, $SHIB trades above the 0.236 Fibonacci level at $0.00002703, a significant support zone.
Source: CryptoRank
The Stochastic RSI, however, indicates overbought conditions, suggesting potential short-term consolidation. Historical behavior points to minor pullbacks during similar peaks before resuming upward trends. Increased trading volume during recent breakouts further validates the uptrend.
Resistance Levels Shape SHIB's Path Forward
Shiba Inu's immediate resistance is at $0.00003500, aligning with previous highs. Sustained momentum could propel prices toward $0.00004000, a critical long-term level. Conversely, if the price dips below $0.00002703, retracements toward $0.00001927 or lower remain possible.
Overall, the current uptrend shows increased buyer interest and growing market confidence. The asset's recovery from earlier corrections, supported by technical patterns and volume, highlights its dynamic movement in the crypto market.
