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Shiba Inu (SHIB) Holds Crucial Support, Eyes Trendline Breakout
- Shiba Inu (SHIB) is holding above the key support at $0.00001100, signaling potential stabilization after a downtrend.
- The price is approaching a descending trendline and resistance cluster near $0.00001234–$0.00001238, with a breakout likely leading to levels above $0.00001368.
- Maintaining momentum above $0.00001200 could indicate a trend reversal.
- On the daily chart, SHIB is currently trading at $0.00001172 with a 1.05% loss, suggesting a corrective phase since mid-May.
- Despite the recent bearish trend, SHIB has established support around $0.00001100 and shows signs of interest from buyers.
- A push above $0.00001170 could act as a pivot level, potentially breaking the sequence of lower highs and triggering bullish sentiment.
- The 1-hour chart supports a potential recovery, with SHIB testing a descending trendline since mid-May and resistance around $0.00001234–$0.00001238.
- A breakout above these levels could target $0.00001368, followed by higher levels if volume increases.
- SHIB's technical position hints at a reversal if it surpasses short-term resistance levels, particularly at $0.00001238.
- To strengthen the bullish case, SHIB needs to reclaim and hold above $0.00001238.
- As long as SHIB remains above $0.00001100, the risk-to-reward ratio appears favorable for a breakout attempt.
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