Shiba Inu Price Rises Amid Compression Above Key Support Level

Shiba Inu (SHIB) is currently undergoing a compression pattern above a key support level, which could potentially lead to a 26% surge if it breaks above a descending trend line.

A recent analysis by SHIB Knight suggests that Shiba Inu's three-hour chart is compressing above a major support level, and its next direction will depend on whether it breaks above the top of a descending trend line or not.

According to the analysis, Shiba Inu must first hold onto the key support level around $0.00000550 and then break through the descending trend line before it can climb about 26% towards the $0.00000720 to $0.00000730 range.

The analyst notes that if those conditions are met, the move higher could unfold quickly.