Shiba Inu Nears Critical Support, Eyes $0.000056 as Next Target – The Crypto Basic

Shiba Inu is attempting to retest the key support at $0.000025 and use this as a launching pad towards a 30-month high of $0.000056.

The cryptocurrency market is still in a bearish phase, and Shiba Inu is one of the victims of its onslaught. SHIB has slumped 41% since the correction began, falling below key support levels to trade below. $0.000026 price area.

SHIB symmetrical triangle

However, Shiba Inu may be gearing up for a potential recovery, and recent market data supports this impending bullishness. Notably, data on the daily chart shows that Shiba Inu has been trading within a symmetrical triangle since then. drop From $0.000045 last month.

Since then, SHIB has broken out of this symmetrical triangle and has been on a remarkable upward trajectory. Shiba Inu attempted to break through the upper trend line of the symmetrical triangle from March 28th to April 1st, but faced a series of rejections.

This increase coincided with the overall market weakness at the beginning of the month, with the Shiba Inu falling nearly 15% from April 1st to 3rd. This decline forced SHIB to retest the lows of $0.000025 for the first time in two weeks. Despite regaining 5% of its value on April 4, SHIB remains at the mercy of the bears.

Famous Analyst SHIB Knight called Focusing on the current position, he emphasized that Shiba Inu is currently in the accumulation stage. He said he is raising more tokens at a discount to contribute to the impending price hike.

Shiba Inu could advance towards $0.000056

Interestingly, the Shiba Inu is now moving to the apex of a symmetrical triangle, with a breakout planned for either side of the horizon. Amid this situation, the bears continue to dominate the market and a possible retest of the $0.000025 area is approaching.

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Nevertheless, if SHIB retests this price point at the lower trendline of the symmetrical triangle, it would indicate an impending breakout to the upside. Support at this level is further strengthened by the 50-day EMA at $0.00002446, preventing further sharp declines.

After retesting this point, SHIB will need to break out of the resistance at the 21-day EMA ($0.00002806) to register a push higher.After this violation, the Shiba Inu will suffer minimal damage resistance According to IntoTheBlock’s data, the biggest selling wall exists once it crosses the $0.000036 level.

Once the $0.000036 territory capitulates, the Shiba Inu will be exposed to minimal resistance en route to the $0.000056 zone. In the zone he has 62,940 addresses and at an average price of $ 0.000051 he bought 5.64 trillion SHIB. The last time Shiba Inu saw this price position was in November 2021.

SHIB bulls are already gearing up to consolidate this move, accumulation pattern Observed among whales. Additionally, Shiba Inu has seen an increase in social volume and has recently seen his AltRank score rise to 2. rated By Lunar Crush. SHIB is currently trading at $0.0000266, down 3.75% in the past 24 hours.