Shiba Inu Coin May Target Last Seen Highs
Once in late 2021 after breaking the symmetrical triangle, where
Market analyst Charting Guy confirmed that the token is “ready to go.”
The analyst made this assertion while discussing Shiba Inu price action over a one-week timeframe. The symmetrical triangle in question has been forming over the past few months.
The lower trend line started forming in May. Meanwhile, the upper trend line appeared after SHIB price dropped from its yearly peak of $0.000045 in March. These converging lines indicate that the consolidation phase is coming to an end. As a result, a breakout could be imminent.
Shiba Inu Critical Levels
The accompanying chart shows several key Fibonacci retracement levels acting as resistance and support areas. Currently, Shiba Inu is trading at $0.00001457, with bulls ready to take advantage of the 0.236 Fibonacci support at $0.00001104 as defense.
SHIB 1W Chart | Charting Guy
If the price breaks higher, the first major resistance is at $0.00001643, which represents the mid-August high. This area is the last hurdle between Shiba Inu and the psychological threshold of $0.00002. After that, the next resistance level is at the 0.5 Fibonacci mark, which corresponds to the price of $0.00002266.
Other resistance levels are located at $0.000031247 and $0.00003967. It is worth noting that once Shiba Inu breaks through these areas, it will face the previous March resistance at $0.000045810, which prevented it from reaching more yearly highs. A break of these levels could help push Shiba Inu towards the final target at $0.00008841.
Shiba Inu is likely to face its biggest resistance at the Fibonacci levels between $0.000024 and $0.000030. In particular, data from IntoTheBlock suggests that the market is characterized by a large sell wall within this price range, with 143,380 addresses buying 49.33 trillion Shiba Inu at an average price of $0.000027.
Sheba Eno Geom | IntoTheBlock
Meanwhile, the downside move could see SHIB test the lower support at $0.000008411 and $0.000005808. However, this remains highly unlikely. Shiba Inu has not revisited these levels in months. The weekly RSI, now at 45, indicates uncertainty in the market but confirms the possibility of an upward push.
Chip Bulls keeps control
Market data on bullish and bearish trading volumes confirm the bullish outlook surrounding SHIB stock. It is worth noting that since mid-September, Shiba Inu stock’s daily buying volumes by bulls have consistently outweighed the selling volumes by bears.
Specifically, on September 20, bulls bought over 3 trillion SHIB, overwhelming the bearish trading volume by about 117.1 billion tokens. This represents the largest oversold demand since September 6.
Additionally, Shiba Inu’s large transactions have remained above the trillion mark daily since September 16, according to data from IntoTheBlock. The only anomaly occurred on September 18, when volume dropped to 604 billion tokens.
