Shiba Inu (SHIB) Testing Key Resistance – Is a Breakout Rally on Horizon?
By: coinsprobe|2025/05/10 13:31:48
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Date: Sat, May 10, 2025 | 04:58 AM GMTThe cryptocurrency market continues to build on its recent strength, with Bitcoin (BTC) and Ethereum (ETH) leading the charge. BTC has crossed the $103K mark, while ETH has soared more than 44% in the past 30 days, now trading above $2,300 — its highest level in months. This bullish wave is spilling into memecoins too, including Shiba Inu (SHIB).SHIB is currently up over 6% today, pushing its monthly gain to an impressive 27%. Now trading near $0.00001511, the memecoin is showing strong bullish structure — and the chart hints at even more upside potential.Source: CoinmarketcapInverse Head and Shoulders Pattern in PlayOn the daily timeframe, SHIB is forming a textbook inverse head and shoulders pattern — a classic bullish reversal signal. This setup began in late February with the left shoulder, followed by a deeper dip in early April near $0.000010, forming the head. The recent right shoulder bounced off the 50-day moving average at $0.00001284, a critical support level that’s been holding firm.Shiba Inu (SHIB) Daily Chart/Coinsprobe (Source: Tradingview)Price has now surged back to challenge the neckline resistance — marked by the blue zone on the chart — around $0.00001570. This area has acted as a ceiling multiple times over the past few months.What’s Next for SHIB?If bulls manage a clear breakout and daily close above the neckline, it would confirm the bullish reversal pattern — potentially setting the stage for a rally toward the yellow resistance zone at $0.00001734. That would represent a gain of roughly 14% from the current price.Looking further ahead, a breakout above that could bring SHIB into the green resistance zone near $0.00001968 — offering over 30% upside from current levels. This region lines up with the price range SHIB last traded at during the March rally.For now, all eyes are on the neckline. A rejection here could delay the rally, but the strong market momentum across memecoins— especially with Ethereum’s surge — gives bulls a fighting chance.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
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