SHIB nears 1553 resistance for the fourth time, with breakout targets at $0.00003344 and $0.00004551.
Whale outflows rise to 359.6B SHIB in two days as burn rate jumps 181% in 24 hours.
Technicals show bullish MACD, RSI at 56.19, and tightening Bollinger Bands before potential volatility.
Shiba Inu (SHIB) is trading at $0.00001320 on the daily chart and is approaching a key technical level. The token is testing the 1553 downtrend line, a resistance level it has failed to break on three previous occasions. A confirmed breakout could lead to higher targets at $0.00003344 and $0.00004551.
SHIB Approaches Key Downtrend Resistance
According to analysis prepared by SHIB Knight, the token is once again retesting the 1553 downtrend resistance on the 1D timeframe. This level has rejected price advances three times in the past, maintaining the broader downward structure.
https://twitter.com/army_shiba/status/1954781653408108649
The chart shows SHIB moving within a descending triangle pattern, with the current price hovering near the breakout zone. Technical indicators are showing constructive signs. The MACD is nearing a bullish cross close to the zero line, and the RSI at 56.19 suggests room for further gains before reaching overbought conditions.
The Chaikin Money Flow reading of 0.04 signals modest buying pressure from market participants. Bollinger Bands are tightening, which often precedes an expansion in volatility.
Market Activity and Whale Movements
Shiba Inu has risen 12% over the past week, reaching $0.00001374 at one point, with a market cap near $8 billion. The burn rate increased by 181.26% in the last 24 hours, removing more than 821,000 tokens from circulation.
IntoTheBlock data recorded large SHIB outflows from whale and exchange addresses, rising from 183.03 billion tokens on August 7 to 359.6 billion by August 9. Reduced circulating supply, coupled with whale accumulation, has supported the token’s upward momentum.
On the broader chart, Crypto Mullah noted that SHIB is trading inside a falling wedge pattern on the 3D timeframe. “Send it if we break out,” the analyst stated. A decisive close above 0.00001553 on the daily chart could trigger an extended rally toward the next resistance zones at 0.00003344 and 0.00004551.
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