Shiba Inu Tests Resistance Zone Amid Improving Momentum

The Shiba Inu (SHIB) cryptocurrency is currently testing its key resistance zone, according to recent market analysis by Bitget. Despite a prolonged decline, SHIB has managed to defend a major long-term support zone, which continues to act as the market floor.

Price action has been compressing beneath a descending resistance trendline from previous highs, suggesting that a decisive move may be approaching. The weekly Relative Strength Index (RSI) has flattened after a prolonged decline and is now testing important technical barriers alongside the MACD indicator.

Fibonacci extension levels are potential further targets for a confirmed upwards move, with projected targets ranging from $0.00014 to $0.00039. However, these levels remain technical projections rather than guaranteed outcomes.