The Shiba Inu (SHIB) price is at a crucial moment, with a potential breakout on the horizon. The cryptocurrency has been forming a "tightening triangle" pattern, and its price is currently resting on the lower boundary of this ascending formation. This trendline is acting as a strong support level, absorbing recent selling pressure and suggesting that buyers are still in control. However, the upward movement is being capped by a descending trendline, creating a narrow trading range that indicates a decisive price move is imminent. The next few days will be critical in determining whether <a href="https://www.cryptoknowmics.com/news/shiba-inu-sees-massive-on-chain-movement-amidst-price-consolidation/" target="_blank" rel="noopener">SHIB</a> can overcome this resistance or if it will face a further decline.
<h2>Bullish or Bearish: The Price Levels to Watch</h2>
Technical analysis points to a key price point of $0.0000135. A confirmed close above this resistance level would signal a bullish breakout, potentially leading to a retest of the next resistance at $0.0000145 and a long-term target of $0.0000160. Conversely, a breakdown below the ascending trendline, specifically a drop below $0.0000120, would invalidate the current recovery setup. Such a move could push the price back towards $0.0000110, indicating a return to a bearish trend. With the Relative Strength Index (RSI) in a neutral position, the market is poised, and the upcoming trading volume and sentiment will be the deciding factors for SHIB's short-term future.

Shiba Inu at a Critical Juncture: Will It Break Out?

Shiba Inu is approaching a critical turning point as its price forms a tightening triangle, hinting at a potential breakout or decline.

Shiba Inu at a Critical Juncture: Will It Break Out?

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