- SHIB is near a key resistance at the 200-day EMA, a level that, if surpassed, could trigger a 13% rally.
- Bullish signals on the daily chart, including EMA crossovers and RSI trends, indicate potential upward movement.
- SHIB’s fate hangs in the balance as it approaches a crucial breakout point.
On the weekly chart, Shiba Inu (SHIB) demonstrates an intriguing pattern of resilience. A quadruple bottom formation, clearly visible at support levels labeled 1, 2, 3, and 4, suggests a consistent rebound within a two-week timeframe. This pattern signifies a determined defense by the bulls, creating a solid base in the range of $0.000006 to $0.000007.
Source: TradingView
However, a descending triangle pattern poses a bearish threat on the same chart. The flat support line at $0.00000715 and a sloping blue trend line connecting lower highs indicate a narrowing field for the bulls, potentially leading to a decrease in buying momentum. The volume profile supports this bearish outlook, with notable declines accompanying touches of the descending trend line.
The battle intensifies as SHIB approaches a critical resistance point – the 200-day Exponential Moving Average (EMA). Historically, this level has acted as a decisive pivot point, influencing SHIB’s price fluctuations. If SHIB manages to breach this resistance, it could trigger a 13% rally, bringing it closer to the overhead resistance posed by the descending trend line.
Looking at the daily chart, several bullish signals emerge. The 20-day EMA has crossed above the 50 and 100-day EMAs, a promising sign for potential upside. The daily Relative Strength Index (RSI) is also on an uptrend, aligning with the current bullish narrative, indicating room for upward movement in November.
