In a detailed analysis of Shiba Inu (SHIB) trading activities against USDT (Tether), technical forecasts reveal an optimistic future for the token. Data from Fibonacci retracement levels on TradingView charts predict a potential price surge. As Bitcoin’s dominance wanes, this sets the stage for altcoins like SHIB to thrive.
From early 2022 to a projected outlook into 2026, the chart analysis identifies two pivotal peaks. One occurred in mid-2022 and another in early 2023. These are essential in establishing the Fibonacci levels that suggest probable resistance and support areas.
Currently, Shiba Inu is consolidating around the 0.5 Fibonacci mark, with expectations of an upward breakout towards the 1.0 level. It is potentially expected to reach the 1.618 level by late 2025 to 2026. This level is a bullish target, presenting a prime opportunity for strategic trading decisions.
Current market performance
At the time of writing, Shiba Inu was trading at $0.00001557, marking a slight decrease of 0.12% over the previous 24 hours. However, trading volume has risen 18.25%, amassing approximately $310.69 million.
This suggests an increased interest and liquidity in SHIB trading, despite the minor price retraction. SHIB maintains a robust market capitalization of $9.17 billion, securing its place within the volatile cryptocurrency landscape.
According to the latest evaluations of SHIB using vital technical indicators like the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI), it’s on an upward slope.
Currently, the MACD is below the zero line and is nearfilling the gap between the MACD and the signal line, which indicates diminishing bearish momentum and the possibility of a bullish crossover. The RSI, which is currently at the value of 34.85 concurrently, is looking oversold, which is quite a typical precondition for a circumstance when an asset seems to be undervalued versus the current price, possibly indicating a potential bullish reversal.
