- Shiba Inu consolidates above $0.000022, signaling a potential breakout above $0.000035.
- RSI at 74.78 shows strong bullish momentum, reaching overbought conditions.
- Solid volume of 7.66T supports SHIB’s bullish trend and potential for higher gains.
Shiba Inu has also been displaying substantial resilience, with a continuous bullish pattern since mid-2023. However, the chart shows that this upward movement has been steady but not very pronounced, and there is a real potential for an explosive breakout.
As per Bluntz, an analyst analysis, Shiba Inu continues its bullish run, it is not only showing promise in its price action but also accumulating momentum against Bitcoin (BTC) at crucial support levels.
Price Trend and Key Levels to Watch
Bluntz’s analysis on a 3-day time frame indicates Shiba Inu has been on a strong upward trajectory since the middle of 2023, with a notable surge in early 2024. This move indicates a growing interest and bullish sentiment surrounding SHIB.
The current price is consolidating above the 0.000022 support level, which has proven to be a solid foundation for price recovery multiple times. This support zone suggests that SHIB could maintain its bullish momentum if it holds above this critical level.
Previous support, seen around the 0.00001 mark in early 2023, remains a psychological floor for the price, acting as an important level if a significant correction were to occur.
However, the current resistance near 0.000035 is a key level to watch. If SHIB manages to break through this zone, a higher move could be on the cards.
RSI Analysis and Bullish Momentum
SHIB’s Relative Strength Index (RSI) is currently at 74.78, which means it is in overbought range. The fact that the RSI is on an upward trend since mid-2023 would mean a continuous bullish run.
A breakout above the 0.000035 resistance could trigger further upward movement, with the RSI providing confirmation of growing strength in the market.
The daily timeframe indicates Shiba Inu’s price action has been accompanied by a solid volume of 7.66 trillion, which indicates significant market interest. This higher volume, especially during breakouts, helps validate the bullish trend and provides confidence that the current price action may continue.
Furthermore, the consolidation phase within a rectangular box creates an ideal accumulation zone for investors. The lower boundary of this box acts as a strong support level, which has historically halted further downside movement.
Watch for the Breakout
As SHIB remains within its consolidation zone, the potential for a breakout above the current resistance level looms large. Should the breakout sustain with continued volume, Shiba Inu could target higher levels.
The bullish run-up will depend on how the market responds to the future movements of price which is very important in determining whether SHIB will rally. At the time of writing, the price of Shiba Inu was $0.000028, and the daily trading volume was over $2.25 billion, making its movement robust.