Analyst Identifies Shiba Inu Buy and Sell Targets Amid Key Resistance
The post Analyst Identifies Shiba Inu Buy and Sell Targets Amid Key Resistance appeared on BitcoinEthereumNews.com. An analyst on TradingView has outlined key buy and sell targets for Shiba Inu as it tests a major resistance zone. Shiba Inu (SHIB) has entered a technical pressure point after a week of moderate volatility. The price action over the past seven days included a mid-week surge that quickly retraced, resulting in a sideways consolidation from May 23 through May 26. At press time, SHIB is priced at $0.00001469, reflecting a 0.76% gain in the last 24 hours and a 4.32% increase over the past week. However, attention has now shifted from the recent fluctuation to the breakout potential forming around long-standing resistance zones. Breakout Strategy Identified on Daily Chart On TradingView, analyst MBM_Crypto outlined a breakout-focused strategy using the SHIB/USDT daily chart. The setup hinges on a key resistance trendline, which has historically acted as a ceiling for upward movement. Shiba Inu Price Prediction Notably, this descending trendline began forming on March 5, 2024, when SHIB hit a high of $0.000045. After falling to $0.00001086 by August 5, the token made another upward attempt in December 2024, peaking above the trendline at $0.00003344 before losing steam. Most recently, on May 12, SHIB again approached the same trendline, reaching $0.00001734 but failing to breach it. MBM_Crypto’s chart identifies $0.0000185 as a level at which buyers should take positions. The analysis also outlines three profit-taking targets: $0.000020, $0.0000235, and $0.000028. From its current price, SHIB would need to gain approximately 90.62% to reach the highest of these levels. Wedge Formation and Trendline Support Underpin Bullish Setup Meanwhile, another TradingView analyst, Lingrid, presented a wedge pattern and structural support setup that also favors upside potential. According to this analysis, SHIB is consolidating above key support at $0.00001373, near the intersection of an upward trendline and a major structure retest. Lingrid identifies…
The post Analyst Identifies Shiba Inu Buy and Sell Targets Amid Key Resistance appeared on BitcoinEthereumNews.com.
An analyst on TradingView has outlined key buy and sell targets for Shiba Inu as it tests a major resistance zone. Shiba Inu (SHIB) has entered a technical pressure point after a week of moderate volatility. The price action over the past seven days included a mid-week surge that quickly retraced, resulting in a sideways consolidation from May 23 through May 26. At press time, SHIB is priced at $0.00001469, reflecting a 0.76% gain in the last 24 hours and a 4.32% increase over the past week. However, attention has now shifted from the recent fluctuation to the breakout potential forming around long-standing resistance zones. Breakout Strategy Identified on Daily Chart On TradingView, analyst MBM_Crypto outlined a breakout-focused strategy using the SHIB/USDT daily chart. The setup hinges on a key resistance trendline, which has historically acted as a ceiling for upward movement. Shiba Inu Price Prediction Notably, this descending trendline began forming on March 5, 2024, when SHIB hit a high of $0.000045. After falling to $0.00001086 by August 5, the token made another upward attempt in December 2024, peaking above the trendline at $0.00003344 before losing steam. Most recently, on May 12, SHIB again approached the same trendline, reaching $0.00001734 but failing to breach it. MBM_Crypto’s chart identifies $0.0000185 as a level at which buyers should take positions. The analysis also outlines three profit-taking targets: $0.000020, $0.0000235, and $0.000028. From its current price, SHIB would need to gain approximately 90.62% to reach the highest of these levels. Wedge Formation and Trendline Support Underpin Bullish Setup Meanwhile, another TradingView analyst, Lingrid, presented a wedge pattern and structural support setup that also favors upside potential. According to this analysis, SHIB is consolidating above key support at $0.00001373, near the intersection of an upward trendline and a major structure retest. Lingrid identifies…
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