Shiba Inu eyes $0.00003 breakout as bullish indicators gain momentum

In the past few months, Shiba In has faced challenges in keeping its momentum going as its price shifts, mostly staying flat. Despite this, there was a turnaround last week when SHIB surged past the $0.000013 mark and reached the $0.00001501 region.

Since then, it has lost momentum and dipped by almost 10%. Still, the SHIB price is expected to approach the next resistance at $0.0000157. If it breaks out, the price will confirm the bullish pattern and can trigger an upward movement toward the next horizontal resistance at $0.000028.

Key technical indicators support Shiba Inu’s path to $0.00003

According to TradingView, Shiba Inu’s value has dropped by more than 67% since March and has created a falling wedge pattern that analysts often view as a sign of a bullish reversal. 

SHIB’s recent surge past its overhead trendline after showing a double-bottom reversal pattern suggests its strength. The one-day chart shows four consecutive bullish candles, indicating renewed buying interest, with SHIB gaining over 10% in that period.

Furthermore, the relative strength index (RSI ) has turned bullish. It is nearing overbought levels, suggesting robust purchasing pressure that may drive the current uptrend.

On September 23, Shiba Inu’s exchange outflow was less than $4 billion. According to Santiment data, the same metric peaked today at 57.02 billion.

This outflow implies that investors are transferring their holdings to wallets rather than selling on exchanges, indicating increased confidence and optimistic sentiment towards the meme coin. 

Shiba Inu is facing key resistance levels on the path to $0.00003

Based on TradingView’s findings, SHIB is currently challenging the resistance at the 50-day exponential moving average (EMA). If it manages to surpass this barrier, the next goal would be the 200-day EMA at $0.00001683. Clearing these hurdles would strengthen the argument for a bullish trend.

The next big challenge will be the barrier at $0.000020, a level that traders often keep an eye on. If SHIB continues to rise, the next key resistance level will be $0.000028, getting closer to the target of $0.00003. From the current price of $ 0000147, this would mean an increase of more than 104%.

On the downside, TradingView’s analysis indicates that SHIB’s critical support lies at $0.00001297. A drop below this level could reignite bearish sentiment and lead to further declines.