- The symmetrical triangle is narrowing around Shib Inu price at approximately $0.0000123 and may lead to a breakout.
- Exchange deposits drop to 222 addresses, lowest since recent peaks over 900.
- RSI at 46 shows neutral momentum, leaving room for movement in either direction.
Shiba Inu price is showing a technical setup that could soon lead to a sharp price move. The daily SHIB chart shows that a symmetrical triangle trend has been developed, indicating an increasing pressure. SHIB is trading at close to $0.0000123 and is close to the apex of the triangle, which is where traders will be looking to either break out or break down.
Shiba Inu Price Near Apex with Key Resistance Levels Ahead
Shib Inu Price has been trading inside a symmetric triangle, which tends to indicate a lack of direction in the market. The present price is approaching the tip of the triangle, and a breakout is likely to be anticipated. Any movement above the triangle and the adjoining resistance zone would provide an opportunity to reach the level of $0.00001394.
The 50-day moving average and the 100-day moving average are currently at $0.00001315 and $0.00001303 respectively. These levels continue to be important resistance levels. These are lower than the 200-day moving average and it might still limit the upward trend until bulls gain considerable strength.Trading volume has been steadily decreasing as the trend narrows.This is common before a breakout, as both buyers and sellers step back. A breakout usually follows such periods of low activity.
The Relative Strength Index (RSI) is now around 46. This neutral reading suggests neither side is in control, giving room for movement in either direction depending on the breakout or breakdown. On-chain data shows that depositing transactions to exchanges have dropped sharply.
According to recent figures, only 222 addresses have sent SHIB to exchanges, down from previous peaks of over 900. This drop means that fewer traders are preparing to sell. However, exchanges already hold large amounts of SHIB. If sentiment shifts, these holdings could still create strong selling pressure, even without new deposits.
A breakout above $0.0000130–$0.0000131 would put $0.00001394 in play. On the downside, a move below $0.0000120 could lead to $0.00001150 or even $0.00001050. Traders continue to monitor the price closely as SHIB approaches a crucial point.
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