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Shiba Inu (SHIB) has been gaining traction in the market, as analysts suggest that a major price surge could be looming.
According to a recent chart shared by market analyst Jack, SHIB is forming a solid ascending support trendline that indicates bullish momentum is building up. The support trendline has been tracking higher lows, showing that buyers are steadily driving the price upwards.
Shiba Inu Looks Set for Breakout
After a long consolidation phase between June and August, SHIB saw a massive upward push in September, briefly testing the resistance zone around $0.00002100. The price pulled back after encountering resistance in early October but has quickly rebounded as it followed the ascending support trendline.
The price action is currently approaching an important resistance zone between $0.00002000 and $0.00002100. SHIB has tested this resistance multiple times, but the price has yet to break through.
However, Jack suggests SHIB is on the verge of breaking out above this level. Once SHIB manages to surpass this zone, the chart indicates a sharp upward movement. A breakout could see SHIB rally to $0.00002700, a gain of over 40% from current levels.
SHIB’s Immediate Price Levels
Meanwhile, SHIB’s immediate price levels show that the coin is currently trading near $0.00001933. Over the last few weeks, SHIB has shown a steady trend of higher lows, confirming the presence of buying interest and market confidence.
The price has formed a symmetrical triangle, with the current pattern suggesting that Shiba Inu is gearing up for a breakout above $0.00002000. This symmetrical triangle pattern often indicates a continuation of the trend, as a breakout could lead to a sharp price rally.
The chart also highlights indicators that point to growing bullish pressure. SHIB is currently trading just below the upper Bollinger Band at $0.00001934, and any decisive movement above this level could catalyze a breakout, resulting in a breach of the symmetrical triangle.
However, on the flip side, the immediate support rests at the 20-day moving average (MA) at $0.00001763, providing a safety net in case of a minor pullback.
Meanwhile, the Relative Strength Index (RSI) stands at 63.96, indicating that SHIB is approaching overbought territory. However, the RSI has room to grow before signaling extreme overbought conditions.