Shiba Inu Price Breaks Above Descending Triangle, Next Resistance Level at $0.00000602
The Shiba Inu price has been trending upward, despite the coin still struggling against selling pressure. The latest data shows SHIB up 1.7% over the past 24 hours, with a market cap of $3.48B. However, this increase is largely due to the top 10 SHIB whales adding 10 billion tokens, which is a small amount compared to the circulating supply. According to U.Today, this buying activity is not enough to overcome the broader market's selling pressure.
The technical analysis of the 4-hour SHIBUSDT chart on Binance shows that the price has broken above a descending triangle, which adds some risk to the upside view. The Relative Strength Index (RSI) reads 58.48 against a moving average of 50.69, indicating improved momentum but not stretched. The next resistance level is $0.00000602, which is about 1.9% above the current price.
The bullish case for SHIB requires a 4-hour close above the falling trendline near $0.00000580, followed by a close above $0.00000602 with rising volume. If this happens, the next resistance levels are $0.00000627 and $0.00000656, which are roughly 6.2% and 11.1% above the current price, respectively.
However, if SHIB is rejected at the $0.00000602 resistance level, the move above the trendline could be a false breakout, and the price could slide back toward $0.00000568. The chart also points to $0.00000550 and $0.00000531 as potential support levels.