🐶 Shiba Inu ($SHIB ) Price: Analysts Forecast 124% Surge After Breaking Key Trendlines
Shiba Inu (#SHIB ) is showing promising signs of a major price breakout after overcoming two critical descending trendlines that have capped its movement throughout 2024 and early 2025. The meme token, which bottomed out near $0.00001 in late April, has climbed to around $0.0000135 at the time of writing.
#TechnicalAnalysis reveals SHIB has breached significant resistance levels. The first major downtrend began in March 2024, creating a series of lower highs and lower lows until SHIB broke above this trendline in late 2024, triggering a spike to $0.000031.
Following this initial breakout, another descending trendline formed as selling pressure continued into 2025. In mid-April 2025, SHIB managed to breach this second resistance, potentially shifting market dynamics.
Several indicators point to a #bullish outlook. The WaveTrend Oscillator is turning upward after reaching oversold territory below 60. This pattern has historically preceded sustained SHIB rallies.
A weekly SHIB/USD chart shows three key indicators displaying early bullish reversal patterns: the RSI, WaveTrend Oscillator, and LMACD. The RSI has flattened around the 40-45 range after a prolonged decline, creating favorable conditions for upward movement.
The 14-day RSI currently sits around 64.47, suggesting positive momentum without yet entering overbought territory. This leaves room for continued upside, according to analysts at CoinCodex.
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