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Shiba Inu is on the brink of a decisive move as it consolidates within a triangle pattern. The critical $0.000022 support, tied to 33 trillion SHIB, is weakening. Resistance at $0.000025 and shifting market sentiment add to the uncertainty.
Shiba Inu Faces Possible Breakout or Breakdown
According to U.Today, there may be an impending breakout from the current daily triangle pattern on the Shiba Inu chart. But there is a concerning trend in the on-chain statistics.
From the $0.000022-$0.000023 band, where 45.78 percent of in-the-money addresses hold around 33 trillion SHIB, it appears that the asset is losing ground.
If this support zone is broken, SHIB can see a significant retreat.
Due to heavy buying activity in this range, as seen by the In/Out of the Money data, the present price zone is proving to be resilient. Above $0.000025, though, there seems to be possible selling pressure due to the dominance of out-of-the-money addresses.
Critical Support Levels Under Threat
Unless there is a dramatic increase in demand for SHIB's products, the conglomeration of these red zones indicates that the stock will struggle to rise.
As faith in the support level declines, the next major support zones at $0.000018 and $0.000019 may become targets of a drop. If the $0.000022 mark is broken, these levels, which correspond to previous purchase zones, could serve as a safety net.
On the technical chart, a tightening triangle formation is seen, and SHIB trades around its peak.
In most cases, this pattern is before a major breakdown or breakout. The volume increase and market sentiment in the coming days will likely dictate SHIB's future direction, considering how unpredictable the market is as a whole.
200-Day Moving Average Holds Key
The 200-day moving average and the trendline from the most recent rally provide important support at approximately $0.000018 and $0.000018, respectively, in the event that the price of SHIB declines.
If the price were to break out over $0.000025, it would reestablish bullish momentum and aim for the $0.000028 resistance level.
If SHIB's support around $0.000022 remains strong, a breakout from the triangular pattern might cause the asset to move toward higher resistance levels. However, a pullback could happen if the purchasing pressure slows or if the market as a whole shows signs of weakness.
Watch the $0.000022 support and the $0.000025 resistance levels for potential signals, investors.
