As Shiba Inu prepares for what may be its last significant resistance test at $0.0000138, a pivotal moment is drawing near. Following weeks of consolidation, the price action is now finally moving in the direction of a breakout. SHIB is currently trading at about $0.0000133 and is getting closer to the resistance level that has repeatedly capped rallies since July.
A symmetrical triangle pattern that had been developing for more than a month was recently broken by SHIB on the daily chart. Bulls are now in control thanks to this breakout above short-term moving averages. Most significantly, SHIB is still above the 50-day EMA, which when maintained has historically indicated changes in momentum. The 200-day EMA is the next major obstacle. It is presently positioned just below the $0.0000138 zone, forming a double layer of resistance that will be challenging to overcome.
Although it is not yet at the explosive levels that are usually observed prior to sharp rallies, volume trends indicate growing accumulation. Given that the RSI is between 58 and 59, SHIB is neither overbought nor oversold. If momentum picks up speed, there is still space for a significant upward move in this neutral setup.
Next important level
Because of its technical history and psychological significance, the $0.0000138 level is extremely important. Over the last three months, it has served as the peak for multiple price spikes, and every rejection has caused SHIB to return to consolidation. Higher targets around $0.0000150-$0.0000160 would probably be accessible with a confirmed breakout above this zone, while a rejection might push SHIB back toward the $0.0000120 support range.
Investors should keep an eye on on-chain flows, as well as volume spikes. The decreased selling pressure may give SHIB the impetus it needs to overcome this obstacle if exchange outflows persist and reserves fall. Conversely, fresh exchange inflows would raise suspicions that short-term holders are getting ready to cash in.
SHIB is confronted with a last obstacle at $0.0000138. If it were broken, the market structure would change significantly, if it weren’t broken, there might be another protracted period of sideways trading. The short-term course of SHIB will probably be decided in the upcoming sessions.
