Shiba Inu Price Prediction: SHIB Eyeing Breakout

Shiba Inu price continues to struggle to break past the $0.00006 resistance for the second week, but investors remain hopeful of a breakout. At the time of writing on Monday, SHIB was trading at a 24-hour low of $0.00005258, having lost 1.07% of its value.

Buying the dip and the prospect of return to winning ways for SHIB

About two weeks ago, Shiba Inu was the ninth most valuable crypto asset, having overtaken its canine pacesetter, Dogecoin. That it now finds itself $6 billion below DOGE is certainly a harsh reality check on its holders.  Nonetheless, its price pattern signals that it is either about to get better or worse.

After its astronomical ascent in less than two months into the crypto market’s top-ten club, SHIB has shown its investment potential. Therefore, it is likely to recover some lost ground soon.  The prospect of investors buying “the dip” is also likely to move the asset to the upside. Already, there is positive sentiment around such a possibility, with Gemini listing it and Kraken hinting at listing it this week.

Technical analysis for Shiba Inu Price

The Shiba Inu price pattern has formed a symmetrical triangle, signaling an imminent breakout. The asset has been trading sideways in recent days, as a result of neutral market momentum. For there to be a breakout, the RSI needs to remain steady above 55 or head below 47.

If the momentum improves significantly, the price could head up to $0.00005665. Beyond that point, the next resistance is likely to be at $0.00006262. If the price breaches that point, then t will be a strong signal of a sustained upward price action.

However, if the momentum goes down, we are likely to see the first support at $0.00004929. If the price breaks past $0.00004228, it will be a strong signal of downward breakout, with sustained price losses.  

SHIB/USD daily price chart