According to CoinWorld News:
In recent months, Shiba Inu has faced challenges in maintaining its momentum, primarily in terms of stability, as prices fluctuated. However, a turnaround occurred last week when SHIB broke through the $0.000013 barrier, reaching the $0.00001501 range.
Since then, it has lost momentum, declining nearly 10%. Nevertheless, 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 may trigger upward movement, reaching the next resistance level of $0.000028.
Key technical indicators support Shiba Inu reaching $0.00003. According to TradingView, Shiba Inu’s value has plummeted by over 67% since March, forming a descending wedge pattern, which analysts typically view as a sign of a bullish reversal.
Source: TradingView
Recently, SHIB broke through its overhead trendline after showing a double bottom reversal pattern, indicating strong strength. The daily chart displays 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 that strong buying pressure may drive the current upward trend.
On September 23, Shiba Inu’s outflow from exchanges was less than $4 billion. According to Santiment data, the same indicator peaked at 57.02 billion today.
Shiba Inu exchange outflow. Source: Santiment
This outflow indicates that investors are transferring their holdings to wallets rather than selling on exchanges, reflecting increased confidence and optimism towards the meme coin.
Shiba Inu faces key resistance levels on its path to $0.00003. According to TradingView’s findings, SHIB is currently challenging the resistance level of the 50-day Exponential Moving Average (EMA). If it manages to breach 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 threshold, a level that traders often monitor. If SHIB continues to rise, the next key resistance level will be $0.000028, close to the $0.00003 target. From the current price of $0.0000147, this represents an increase of over 104%.
On the downside, TradingView’s analysis indicates that SHIB’s key support level is at $0.00001297. A drop below this level could reignite bearish sentiment, leading to further declines.