SHIB Faces Resistance at $0.000030; What's Next?

Shiba Inu (SHIB) has entered a critical phase, with its price action revealing a tough battle at the $0.000030 resistance level. Despite a recent breakout from long-standing descending patterns, SHIB’s upward momentum seems to be hitting a wall. Currently trading near $0.000025, the SHIB token needs a strong push to sustain its gains above the pivotal 0.618 Fibonacci retracement level at $0.0000255. This resistance level, noted across weekly and daily charts, aligns with multiple failed attempts at higher highs, underscoring the challenge ahead.

With the 0.5 Fibonacci level at $0.0000214 acting as the nearest support, a drop below could intensify bearish pressure, possibly testing the lower trendline. Yet, the recent price consolidation hints at the likelihood of another leg up, especially if the SHIB token can gather bullish momentum. The question remains: Could a successful breakout drive SHIB toward new highs, or is a retracement in play?

SHIB Bulls Hold Ground, but Momentum Remains Fragile

From a technical perspective, the RSI index at 60.93 suggests mild bullish sentiment in the cryptocurrency. Yet, it falls short of the overbought 70 threshold, hinting at the potential for continued gains in the short term. However, the slight downward shift in RSI indicates cautious optimism, as the momentum has shown a subtle change in direction.

This mixed signal implies that while buyers are present, their conviction may be waning slightly. Complementing this, the Directional Movement Index (DMI) supports the bullish perspective, with the +DI (blue) line at 33.9052 above the -DI (red) line at 12.0740, indicating control by buyers. Yet, the Average Directional Index (ADX) reading of 23.1376 reveals a relatively weak trend, suggesting that although bulls are leading, the overall strength of the trend might not be strong enough to guarantee a sustained breakout.

SHIB Price Prediction: What’s Next?

Focusing on the daily chart, the SHIB token is grappling with a steep decline as its market value falls by 8.44% within the last 24 hours, bringing the market cap to $13.89 billion. Following this adverse price action, its trading volume plunged by 46.92%, indicating reduced investor activity or a cooldown after previous fluctuations.

With a volume-to-market cap ratio of 13.28%, the cryptocurrency maintains moderate liquidity, though the sharp drop in volume hints at diminishing short-term momentum. Technically, if this bearish trend persists, the SHIB cryptocurrency could retrace to previous lower highs near the $0.000019 zone, with a possibility of dropping to $0.000017, aligning with the 0.382 Fibonacci retracement level.

On the brighter side, the token would need to break above the $0.0000255 mark to offset recent losses and spark renewed bullish sentiment. A close above this level might pave the way for a rally toward the $0.000030 resistance, with a successful breach possibly targeting the $0.000045 range in the coming days.