- SHIB tests $0.00001233 resistance, with bullish momentum building for a breakout.
- RSI recovery and MACD crossover suggest potential for upward price movement.
- Declining volume, but rising open interest indicates anticipation of larger move.
Shiba Inu (SHIB) is once again testing a critical resistance level, sparking renewed optimism among bullish traders. After facing a sharp decline followed by a consolidation phase, SHIB has shown resilience with a gradual recovery in recent sessions.
The price currently trades at $0.00001227, up 2.14% in the last 24 hours. Although the weekly performance shows a slight dip of 1.03%, SHIB’s recent momentum suggests a potential shift in sentiment.
Testing the $0.00001233 Resistance
SHIB’s price action shows repeated attempts to overcome the $0.00001233 resistance level, which previously acted as strong support. According to $SHIB KNIGHT, this zone now stands as a psychological barrier, capping SHIB’s upward movement. However, persistent bullish attempts to breach this level signal growing buyer confidence.
A clean breakout above this resistance could open the door to higher levels, potentially pushing the price toward $0.00001300. Still, without confirmation from volume or candle structure, any breakout could be short-lived. A rejection at this level may lead to a brief pullback, especially if traders begin to take profits.
Additionally, $SHIB KNIGHT has set a short-term target at 1570 (0.00001570), indicating a potential for a more extended bullish leg if market conditions align.
Another push by $SHIB to break the resistance 👀 https://t.co/iLIg80bADD pic.twitter.com/Ym9Bbtmk5H
— $SHIB KNIGHT (@army_shiba) April 12, 2025
Indicators Show Building Momentum
The Relative Strength Index (RSI) currently sits at 48.25, hovering near the neutral zone. While not yet signaling strong momentum, it has recovered from near-oversold conditions. This rise could indicate a slow but steady build-up of bullish pressure.
Meanwhile, the MACD shows early signs of a bullish crossover. The MACD line is now slightly above the signal line, and histogram bars are turning positive. These developments suggest improving momentum, which may support a breakout scenario.
Coinglass derivatives data indicates that total trading volume has declined by 16.40% to around $116.82 million. This drop points to waning short-term speculation. However, open interest has risen by 4.10% to $120.61 million. This increase may reflect longer-term positions and growing anticipation of a larger price move.
