The future of Shiba Inu (SHIB) price hinges on its next move, as it remains caught between technical thresholds. SHIB is currently trading near the $0.00001347 mark, struggling to break through a declining trendline that has limited gains since late July. This barrier coincides with key technical levels like the 200-day EMA ($0.00001428), setting a crucial confluence of resistance for bulls seeking to regain momentum. 🤔
While a bullish breakout towards $0.00002 is possible, the path forward remains uncertain.
**A Bearish Scenario:** If SHIB fails to overcome the declining trendline and the key moving averages, it risks a bearish breakdown. This could trigger selling pressure with a potential for price to decrease, potentially adding a zero to the price and pushing it toward the $0.000009 territory. 📉
**A Bullish Scenario:** Conversely, if SHIB breaks above the declining trendline and achieves a strong daily close above $0.00001430, it could open doors to further upside.
Investors should consider the current neutral market sentiment as well. The RSI sits at 54, indicating a lack of significant momentum in either direction. Furthermore, low trading volumes hint at the potential for a bigger move once one of these crucial levels is broken.
Ultimately, SHIB’s price could surge towards $0.00002 if it manages to stay above the 200-day EMA with increased volume. On the other hand, if the trend remains bearish and SHIB falls below the moving averages, a more significant pullback may occur.