Shiba Inu (SHIB) is currently trading at $0.00002369, down 0.75% in the last 24 hours. This decline comes after SHIB failed to break through key resistance levels, indicated by a descending triangle pattern on the charts. A descending triangle is typically viewed as a bearish signal, suggesting that sellers are more aggressive than buyers.
The chart shows SHIB facing resistance along the triangle’s upper trend line, with support established around $0.0000237. If this support level fails to hold, there is a strong possibility that SHIB could drop toward the next significant support at $0.000021. A breach below $0.000021 could lead to a further decline towards $0.00002.
Overall, the market sentiment for SHIB appears to be tilting towards bearishness. However, a technical analysis of SHIB’s price movement suggests there could be additional hurdles to overcome before a recovery.
A Fibonacci retracement tool applied to a daily chart highlights a potential hurdle at the 50% retracement level around $0.0000270. This level coincides with a potential sell wall and trendline resistance, creating a “double roadblock” that bulls need to overcome.
Technical indicators like RSI and CMF currently show neutral readings, indicating neither strong buying nor selling pressure. However, overcoming the double roadblock and decisively flipping the market structure to bullish by reclaiming above $0.0000270 is crucial for a sustained recovery.
If successful, the immediate target could be $0.000031. Conversely, a strong rejection at the resistance levels could lead to a drop back down to $0.0000225.
Recently, CT reported that in a development for the Shiba Inu ecosystem, Shibarium, the blockchain underlying SHIB, recently implemented a hard fork. This upgrade reportedly improved transaction speeds significantly.
Adding to the intrigue surrounding SHIB, the project’s lead developer, Shytoshi Kusama, recently posted a cryptic message on social media. The message simply said “Evita,” sparking speculation within the SHIB community about potential upcoming announcements, such as new partnerships or token launches.
