According to BiJie News:
In recent months, Shiba Inu has faced challenges in maintaining its momentum amidst price fluctuations, primarily in sustaining stability. Nevertheless, last week, SHIB broke through the $0.000013 mark, reaching the $0.00001501 range, marking a turning point.
Since then, it has lost momentum, declining nearly 10%. However, SHIB’s price is expected to approach the next resistance level of $0.0000157. If this level is breached, it will confirm a bullish pattern and could trigger an upward movement to the next resistance level of $0.000028.
Key technical indicators support Shiba Inu reaching $0.00003. According to TradingView, Shiba Inu’s value has dropped over 67% since March and has formed a descending wedge pattern, which analysts typically view as a sign of a bullish reversal
Source: TradingView
SHIB recently displayed a double bottom reversal pattern after breaking its overhead trend line, indicating strong strength. The daily chart shows four consecutive bullish candles, suggesting renewed buying interest, with SHIB rising over 10% during this period.
Additionally, the Relative Strength Index (RSI) has turned bullish. It is approaching overbought levels, indicating strong buying pressure that may drive the current upward trend.
On September 23, Shiba Inu experienced an outflow of less than $4 billion. According to Santiment data, the same metric peaked today at $57.02 billion.
Shiba Inu exchange outflows. Source: Santiment
This outflow signifies that investors are transferring their holdings to wallets rather than selling on exchanges, indicating enhanced confidence and optimism in the meme coin.
Shiba Inu faces key resistance levels on its way to $0.00003. According to TradingView’s findings, SHIB is currently challenging the resistance of the 50-day exponential moving average (EMA). If it manages to break through this barrier, the next target will be the 200-day moving average at $0.00001683. Clearing these obstacles will strengthen the argument for a bullish trend.
The next significant challenge will be the $0.000020 mark, a level frequently monitored by traders. If SHIB continues to rise, the next key resistance level will be $0.000028, approaching the $0.00003 target. From the current price of $0.0000147, this implies an increase of over 104%.
On the downside, TradingView’s analysis indicates that SHIB’s key support level is at $0.00001297. A breach of this level could reignite bearish sentiment, leading to further declines.
