Is Shiba Inu Preparing for a Bullish Run or Falling Weak?

The post Is Shiba Inu Preparing for a Bullish Run or Falling Weak? appeared first on Coinpedia Fintech News

Shiba Inu (SHIB) has been stuck in a bit of a holding pattern, but something could be brewing. The price is sitting at $0.00002552, and it’s been up about 3.77% recently. But here’s the kicker—SHIB is forming a symmetrical triangle on the charts. If you’re into technical analysis, you know this often signals a breakout. If the price goes up, some are calling for a target of $0.00003255—a 32% jump from where we are now. But nothing’s for sure. Let’s dig in and see what’s going on.

SHIB Still on Edge

Right now, the market’s pretty undecided. SHIB has been inching up, but overall, there’s not much movement. It’s like everyone’s waiting for a sign—nobody’s making any bold moves just yet. Trading volume has picked up a bit, jumping 83.49%, but that doesn’t tell us much yet. People are active, but they’re not sure where to go.

Looking at some key indicators, the Alligator Indicator shows a lack of direction. The three moving averages are all converging, meaning the market’s in limbo. Meanwhile, the True Strength Index is in the negative, pointing toward bearish sentiment. Sellers have been in control, but that pressure is starting to weaken. It’s not clear if this is the calm before a storm, or just more of the same.

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RSI and MACD

As SHIB is trying to take a breakout to the upper side of the triangle, RSI shows lack of strength. Currently at 53.31, RSI shows that the memecoin is yet not ready for the breakout. This means the token will face rejection from the triangle and won’t be able to break free for the next fear hours.

The MACD histogram confirms the lack of bullish power in the token. However there are chances we see the rush in upcoming hours.

 Burning Rate Surge: Could It Make a Difference?

Shiba Inu’s burning rate has gone through the roof. In just 24 hours, it jumped a massive 4996.59%. For those who might not know, burning tokens reduces the overall supply. When supply drops, the price can go up—especially if demand stays the same. If this burning trend continues, it could have a major impact on SHIB’s price in the long run.

What’s Coming Next?

So, what happens now? We’re in a holding pattern, but the chance of a breakout is there. If SHIB pushes above its resistance level, we could see that 32% jump. But if not, we might see more consolidation. The key will be watching volume trends and price action closely.

Right now, SHIB feels like it’s on the edge of something. The market is still a little shaky, but there are signs that things could change. Whatever happens, it’s going to be an interesting ride in the next few days. Stay tuned!