Shiba Inu shows mixed signals: What’s next for SHIB?
2024-10-15

Over the past week and month, Shiba Inu (SHIB) has posted steady gains despite market volatility. In the last 24 hours alone, it added 2.67%, reflecting the current trends across the broader market.

Shiba Inu was consolidating within a symmetrical triangle pattern, a technical formation where prices oscillate between narrowing resistance and support levels. This signals a potential build-up for a significant price move.

Traders appear to be accumulating SHIB, betting on a breakout that could trigger a rally. The rationale is simple: higher holdings now could translate into greater profitability if the price takes off.

A breakout from this consolidation could push SHIB toward $0.00002954—a level where strong selling pressure might emerge and potentially cap further gains.

However, while the accumulation phase is underway, technical indicators suggest the anticipated breakout could be delayed.

One indicator is the Parabolic SAR, which has formed dots above SHIB’s price—indicating potential downward pressure that could push the asset’s price lower.

The Relative Strength Index (RSI), which measures the speed of price changes and gauges market sentiment, shows similar bearish signals.

As of this writing, the RSI has shown a downtick, with the price following suit. If this downward momentum persists, SHIB could see a further decline.

The expected target for this move is the support level within the symmetrical triangle pattern, where the price may seek renewed buying interest before any significant upward trend resumes.