SHIB Crypto Price Broke Through a Trendline: What’s Coming Next?

• Shiba Inu price has given a breakout from a trendline that has been forming since early March 2024.
• The $0.000020 level became a buyer congestion area in the current phase.
• SHIB token price has increased 13.11% during the weekly trading session.

Shiba Inu (SHIB) is a decentralized dog-themed memecoin driven by the community. The SHIB token has become a worldwide phenomenon since its inception, and now it is accepted as a form of payment in various locations. 

The memecoin witnessed remarkable price upsurges in Feb and March 2024. The crypto collectively reflected over 180% positive profitability during that time. At present, the SHIB token price shows recovery from a correction phase that started in April 2024.

Buyers are Placing their Positions; Is a 30% Increase Possible?

Shiba Inu crypto price faced bearish remarks from the $0.000032 supply zone created on March 28. Afterward, the unexpected happened with the memecoin bulls. The price dropped over 40% to the $0.000018 psychological level and got a striking response from the buyers, resulting in an over 50% upsurge.

The above situation became intriguing for many traders. They started entering long positions from the $0.000020 decisional demand zone. This resulted in a breakout from a trendline that has been forming since early March. At present, the SHIB token price may be subject to a bullish reversal.

Price Volatility & Social Dominance Analysis

The social buzz of any cryptocurrency plays an essential role in its price growth, especially memecoins. The SHIB crypto is no different from other memecoins regarding social upsurges. The rise in social posts about Shiba Inu positively impacted the price. 

However, the price becomes volatile when social dominance decreases. At present, social sentiments are increasing, which could have a positive impact on the price.

Technical Analysis of the Shiba Inu (SHIB/USD)

In a broader look, the bullish outlook implies above the key exponential moving averages (EMAs). The current price has rebounded the 50-day EMA from below, indicating the continuation of the uptrend.

The SHIB price has shown a strong bullish movement from the $0.000018 demand zone. Afterward, the price reflected a 53% positive rally to the $0.000027 supply level. 

The above situation made $0.000020 an attractive level for long entries, which resulted in the breakout of a major trendline forming above. At present, the Shiba Inu price is surging upward, showing potential bullish moves.

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The relative strength index (RSI) shows strong bullish momentum in the current phase. This reflects that the buyers hold the upper hand in the current trading sessions. The RSI is moving at 56.67 above the SMA line.

Summary

Since March 5, 2024, Shiba Inu price has been performing with bearish sentiments. The memecoin price has recently broken a major trendline with the bullish upsurges from the $0.000018 level. Based on the current market price speculations, the SHIB price shows some positive indications of a potential bullish movement.

Technical Levels

When writing, the immediate support level for the SHIB price was at $0.000018, while the $0.000029 level is the next resistance. If the price makes past the upper resistance, a rise in price can be expected. Likewise, a drop below the aforementioned level can lead to a price pullback to the lower levels.

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.