Shiba Inu (SHIB) is currently testing a key price level, with traders closely watching for a potential breakout. If SHIB can surpass the upper boundary of its descending parallel channel, which is marked at $0.00002444, the token could experience a 20% upswing, potentially reaching $0.00002954.
This price movement would mark a shift in the asset’s recent downward trajectory, giving market participants a clear direction for the upcoming weeks.
Shiba Inu’s current market position
As of the time of writing, Shiba Inu was trading at $0.00001619, showing a 1.38% increase within the last 24 hours. The token’s market capitalization stands at $9.52 billion, with a trading volume of $176.03 million, reflecting a slight 1.85% rise.
Despite the price fluctuations, SHIB continues to have a strong presence in the crypto market, primarily due to its high circulating supply of approximately 589.25 trillion tokens.
The token’s price movements are volatile, with sharp dips and rises within a short timeframe. The recent data shows a spike in buying momentum, hinting at possible upward movement if the price breaks previous resistance levels.
From March 2024 to May 2024, SHIB has been trading within a descending parallel channel. The price has experienced consistent downward pressure, bouncing between the upper and lower boundaries of the channel.
As of mid-April, the price began to approach the upper boundary of the channel, indicating a potential breakout if it surpasses $0.00002444. A breakout at this level could lead to a 20% surge, reaching an estimated price of $0.00002954.
Shiba Inu technical indicators: MACD and RSI analysis
The technical indicators are showing mixed signals at the moment. The Moving Average Convergence Divergence (MACD) is currently in negative territory at -0.000000120, with the MACD line below the signal line. This indicates bearish momentum, though the histogram’s decreasing bars suggest that selling pressure is weakening. If the MACD crosses above the signal line, it may signal a bullish reversal.
The Relative Strength Index (RSI) is currently equal to 42.39, which indicates a neutral zone. In the same period and prior to the start of 2025, the RSI is heading downward while still holding on to moderate levels, meaning that buying momentum has thinned down in SHIB. If it goes higher than the neutral 50 level, it can mean that there is a start of a bullish period in the form of a breakout.
