SHIB Shows Signs of Price Recovery as Technical Indicators and Recent On-chain Data Depict a Rally

SHIB's prices have been around $0.0000134 in resistance recently, showing bullish sentiment among investors.

Shiba Inu (SHIB) is nearing a critical resistance level, which, if breached, could propel the cryptocurrency toward a 20% price increase, predicts an analyst. This prediction follows recent on-chain data and technical indicators that suggest a rally for SHIB.

SHIB approaches critical resistance and shows positive technical indicators

Shiba Inu has been hovering around the $0.0000134 resistance level in recent days, with technical indicators suggesting increased confidence among investors.

SHIB closed at $0.00001380, up 2% in the past 24 hours. The price chart is now approaching the upper Bollinger Band, which, if crossed, could lead to increased volatility and investor activity.

The RSI is also above the neutral 50-point threshold at 54.10, which indicates a stronger buying pressure and could push the market higher. Furthermore, the MACD has crossed above the signal line with a green histogram, confirming the positive market sentiment.

Analyst predicts 20% surge upon resistance break

Crypto analyst Satori predicts a 20% increase in SHIB’s value if it crosses the $0.0000134 resistance. He highlighted the formation of a Head and Shoulders pattern, a classic bullish reversal trend, which suggests how crossing the resistance will validate the pattern and initiate a trend reversal.

suggesting how crossing the resistance will validate the pattern and initiate a trend reversal.

“Shiba breaking $0.0000134 will be huge. Predicts a 20% increase in SHIB’s value if it crosses the $0.0000134 resistance. He pointed out the formation of a Head and Shoulders pattern, a classic bullish reversal trend.”

Finally, crypto analyst predicts a 20% increase in SHIB's value if it crosses the $0.0000134 resistance. He highlighted the formation of a Head and Shoulders pattern, a classic bullish reversal trend.suggesting how crossing the resistance will validate the pattern and initiate a trend reversal.

“Shiba breaking $0.0000134 will be huge. Predicts a 20% increase in SHIB’s value if it crosses the $0.0000134 resistance. He pointed out the formation of a Head and Shoulders pattern, a classic bullish reversal trend.”

This content is not financial advice and does not necessarily represent the views of CCNR and should not be used as the basis for any investing decisions.