Shiba Inu at a critical level: Can it still explode?
Shiba Inu (SHIB) faces a crucial test! Is the $0.000008 support strong enough for a breakout? Find out now!
SHIB Under Pressure, a Decisive Structure Taking Shape
Around $0.00000838, SHIB has entered a more structural phase, following a loss of momentum. The 4-hour chart highlights an inverse head and shoulders pattern, often associated with a bullish reversal, gradually built since early December.
For now, the configuration remains fragile. Declining volumes reflect a market digestion phase, while the recent rejection below the resistance at $0.0000090 has brought the price back to intermediate zones. This type of compression often precedes a violent move.
The direction will depend on the bulls’ ability to preserve the current structure. As long as the lows remain ascending, the recovery scenario stays credible, but it requires a clear return of volume to confirm.
$0.0000080: The Level Not to Lose
The key threshold to watch sits at $0.0000080, a true pillar of the bullish scenario. As long as SHIB trades above this support, a new breakout attempt at $0.0000090 remains possible. In case of a breakout, the technical target projects toward $0.00001050 in the medium term.
Conversely, a clear break of this support would invalidate the inverse head and shoulders pattern. This could trigger a bearish acceleration, fueled by the liquidation of long positions taken in anticipation of the reversal.
In this context, Bitcoin remains the main arbiter. If the global market stays stable and volume returns to SHIB, validation of the setup remains possible. Without that, the consolidation could transform into a new defensive phase.
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Simon Dumoulin
Passionate about cryptocurrencies since 2019, I cover the latest news through clear and accessible articles. My goal is to make crypto understandable for everyone, with reliable and well-researched content.
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This article is for informational purposes only and should not be considered as investment advice. Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
DISCLAIMER
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