The cryptocurrency market is known for its volatility, and Shiba Inu (SHIB) has been no exception. While SHIB has posted steady gains over the past week and month, technical indicators are painting a mixed picture of its future price movements.
Traders and investors are closely monitoring the asset as it consolidates within a bullish pattern, potentially gearing up for a major move. But will SHIB push higher, or is a delayed rally on the horizon?
In this blog post, we’ll explore Shiba Inu’s price predictions, the current technical setup, and what the future might hold for this popular meme coin.
Shiba Inu Price Predictions: Bullish Pattern Points to Rally:
Shiba Inu has been consolidating within a symmetrical triangle pattern—a technical formation that occurs when prices oscillate between narrowing resistance and support levels.
This pattern is generally considered a bullish signal, as it often precedes a breakout in the direction of the prevailing trend. For SHIB, this consolidation could mean that the asset is gearing up for a significant price move.
Many traders are accumulating SHIB, anticipating a breakout that could trigger a rally. The rationale behind this accumulation phase is simple: buying in now could translate into substantial profits if SHIB’s price takes off.
According to market analysts, a breakout from this pattern could push Shiba Inu’s price toward the $0.00002954 level. However, it’s worth noting that strong selling pressure may emerge at this price point, potentially capping further gains.
SHIB Rally May Be Delayed:
Despite the bullish pattern, technical indicators suggest that Shiba Inu’s rally may be delayed. One of the key indicators, the Parabolic SAR, has formed dots above SHIB’s price—a sign of downward pressure.
This could push the asset’s price lower in the short term.
Additionally, the Relative Strength Index (RSI), which measures the speed of price changes and gauges market sentiment, has shown a downtick.
As of this writing, the RSI indicates that SHIB may be losing momentum, which could lead to a further decline before any significant upward movement resumes.
Key Technical Indicators for SHIB:
Here are 3 major factors involved:
1-Parabolic SAR:
The Parabolic SAR (Stop and Reverse) is a trend-following indicator that provides signals about potential price reversals.
In SHIB’s case, the Parabolic SAR is currently showing dots above the price, signaling potential downward pressure. This could mean that SHIB will remain in its consolidation phase for a few more sessions before any breakout occurs.
2-Relative Strength Index (RSI):
The RSI is another important indicator to consider. It measures the strength and speed of price movements and helps identify overbought or oversold conditions.
SHIB’s RSI has shown a slight decline, suggesting that the asset may experience a short-term dip. If the RSI continues to drop, SHIB could test its support level within the symmetrical triangle pattern before any bullish breakout.
3-Support and Resistance Levels:
Shiba Inu’s price is currently testing key support levels within the symmetrical triangle. If the price fails to break above resistance, it could continue to consolidate or experience a minor decline.
However, renewed buying interest at the support level could reignite upward momentum, paving the way for a breakout.
SHIB Set for an Upward Move: Bullish Sentiment Still in Play:
Here comes Open Interest on the Rise and Short Liquidations Fueling Momentum
1-Open Interest on the Rise:
Despite the mixed technical signals, underlying bullish sentiment remains in the market. According to data from Coinglass, SHIB’s Open Interest has increased by 15.60%, reaching $53.58 million.
This rise in Open Interest suggests that more traders are opening or adding to their long positions, expecting a price increase in the near future.
2-Short Liquidations Fueling Momentum:
Further supporting the bullish outlook is the recent surge in short liquidations. Over the past 24 hours, short traders who were betting on a significant drop in SHIB’s price lost $349.72 thousand, as the asset continued to hold its ground.
With short liquidations outpacing long liquidations, SHIB appears to be edging closer to a breakout from its accumulation phase.
Shiba Inu Price Predictions: Will SHIB Break Out Soon?
While Shiba Inu’s price movement has been relatively steady, the asset remains at a critical juncture.
The symmetrical triangle pattern suggests a potential breakout, but technical indicators like the Parabolic SAR and RSI indicate that the rally may be delayed.
In the short term, SHIB may continue to consolidate or experience minor declines.
However, the rise in Open Interest and the surge in short liquidations point to a possible upward move in the near future.
Traders and investors should keep a close eye on the key support and resistance levels within the symmetrical triangle to identify the next potential price move.
 has been no exception. While SHIB has posted steady gains over the past week and month, technical indicators are painting a mixed picture of its future price movements.){kind=link}