Shiba Inu Eyes Breakout as RSI Signals New Upside
Shiba Inu (SHIB) is in focus as it enters a new upward cycle from a solid base, according to recent analysis. The current reversal structure appears stronger than the formation seen before SHIB's major rally in November 2024.
The weekly TradingView chart shows that SHIB's relative strength index (RSI) has consistently remained above 52, indicating sustained selling pressure has dissipated. This is a key indicator for a potential breakout.
A strong support zone for SHIB buyers lies at the $0.0000053 to $0.0000055 range, which has established itself as a firm foundation. Analysts observe that this setup positions SHIB for potentially more sustainable growth than its previous rally.
Two strategic price levels are in focus: the 50-week moving average and the 200-week moving average near $0.00001217. Breaking above these levels could see SHIB overtake Bittensor (TAO) and potentially move ahead of major tokens like Litecoin, Uniswap, and NEAR Protocol.