<strong><em>SHIB price action shows an ascending triangle pattern with the supply zone at $0.000013, keeping the bullish growth in check.</em></strong>

<strong>Key technical points: </strong>
<ul>
 	<li>The Shiba Inu(SHIB) price sustains within the ascending triangle pattern but struggles to surpass the $0.000013 mark.</li>
 	<li>The market value rises above the 100-day SMA, increasing the possibility of an uptrend continuation.</li>
 	<li>With a market cap of $6.79 Billion, the intraday trading volume of Shiba Inu has decreased by 39% to reach $333 Million.</li>
</ul>
<h2>Past Performance of SHIB</h2>
The <a href="https://www.cryptoknowmics.com/news/shib-technical-analysis-will-shiba-prices-break-under-0-000010/">SHIB</a> price action shows a bullish failure to exit the ascending triangle pattern in the daily chart but sustains above the support trendline. The recent bullish reversal within the triangle pattern surpasses the 100-day SMA reflecting an increase in buying pressure. However, with the constant rejections from the $0.000013 supply zone, the price trend remains trapped within the triangle pattern.

<img src="https://s3.tradingview.com/snapshots/t/tBbFZSzM.png" alt="TradingView Chart" />

<strong>Source- </strong><a href="https://www.tradingview.com/x/tBbFZSzM/" target="_blank" rel="noopener">Tradingview</a>
<h2><span style="font-weight: normal">SHIB Technical Analysis </span></h2>
Currently, the SHIB price action displays a bullish engulfing candle with a 3.40% jump, but the wick formation shows the bearish influence. Hence, traders should wait for a price action confirmation to avoid getting trapped in a bearish downfall.

As the Shiba Inu market prices sustain above the 100-day SMA mark, the increased bullish influence results in a positive turnaround in the 50-day SMA. Moreover, the decreasing spread between the said SMAs increases the possibility of a bullish crossover.

The RSI slope displays a spike in the underlying bullishness after a long lateral trend in the nearly overbought zone. Moreover, the slope exceeds the 14-day SMA teasing a potential bullsih breakout. The DMI indicator shows a positive alignment of the DI lines with a rising trend in the ADX line, reflecting an increasing trend-momentum of the bull cycle.

In a nutshell, the SHIB Technical Analysis suggests that the buyers might undermine the higher price rejection candles below the $0.000013 mark. However, traders should wait for the price action confirmation to avoid getting trapped in a bearish reversal.
<h2><span style="font-weight: normal">Upcoming Trend </span></h2>
If the SHIB price trend shows a positive trend exceeding the $0.000013 mark, the bull run can reach the $0.000014 mark. However, a bearish reversal cracking the support trendline will retest the crucial support at the 50-day SMA at $0.000011.

<strong>Resistance Levels:</strong> $0.000013 and $0.000014

<strong>Support Levels:</strong> $0.000011 and $0.000010

SHIB Technical Analysis: Shiba Buyers See A Light At The End

SHIB Technical Analysis shows an ascending triangle pattern with the supply zone at $0.000013, keeping the bullish growth in check.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

SHIB Technical Analysis: Shiba Buyers See A Light At The End

Top Picks