TradingView Analysis Confirms Shiba Inu Path to Long Lost: On September 24, 2024, a new analysis from TradingView suggested that Shiba Inu (SHIB) might be on the verge of a significant breakout. The analysis points to several technical indicators that hint at a potential surge in SHIB’s price. This news has created a buzz among investors and traders who are eager to see if Shiba Inu can reach the long-lost price level of $0.00003.
According to the TradingView analysis, Shiba Inu has been forming a falling wedge pattern. This pattern is often seen as a bullish reversal signal. The analysis shows that SHIB’s value has dropped by more than 67% since March. Despite this, the recent price movements suggest a possible turnaround. The relative strength index (RSI) for SHIB has turned bullish and is nearing overbought territory. This indicates strong buying pressure, which could drive the price higher.
In the past few months, Shiba Inu has faced challenges in maintaining its momentum. The price has mostly stayed flat, but there was a notable turnaround last week. SHIB surged past the $0.000013 mark and reached the $0.00001501 region. However, it lost momentum and dipped by almost 10%. Despite this dip, the price is expected to approach the next resistance at $0.0000157. If it breaks out, the price will confirm the bullish pattern and could trigger an upward movement toward the next horizontal resistance at $0.000028.
The analysis also highlights that Shiba Inu’s recent surge past its overhead trendline after showing a double-bottom reversal pattern suggests its strength. The one-day chart shows four consecutive bullish candles, indicating renewed buying interest. SHIB gained over 10% in that period. Furthermore, the RSI has turned bullish, nearing overbought levels. This suggests robust purchasing pressure that may drive the current uptrend.
On September 23, Shiba Inu’s exchange outflow was less than $4 billion. According to Santiment data, the same metric peaked at 57.02 billion. This outflow implies that investors are transferring their holdings to wallets rather than selling on exchanges. This indicates increased confidence and optimistic sentiment towards the meme coin.
Based on TradingView’s findings, SHIB is currently challenging the resistance at the 50-day exponential moving average (EMA). If it manages to surpass this barrier, the next goal would be the 200-day EMA at $0.00001683. Clearing these hurdles would strengthen the argument for a bullish trend. The next big challenge will be the barrier at $0.000020, a level that traders often keep an eye on. If SHIB continues to rise, the next key resistance level will be $0.000028, getting closer to the target of $0.00003. From the current price of $0.0000147, this would mean an increase of more than 104%.
On the downside, TradingView’s analysis indicates that SHIB’s critical support lies at $0.00001297. If the price fails to hold this level, it could signal a bearish trend. However, the overall sentiment remains positive, with many analysts believing that Shiba Inu has the potential to reach new heights.
The recent analysis has sparked excitement among the Shiba Inu community. Many investors are hopeful that SHIB will break through the resistance levels and achieve the long-lost price of $0.00003. The meme coin has a strong following, and its community is known for its enthusiasm and support.