- SHIB approaches key resistance as traders watch $0.000015 level closely.
- Tightening Bollinger Bands suggest upcoming volatility in SHIB’s price action.
- Ethereum rally fuels fresh momentum for Shiba Inu’s market position.
Shiba Inu (SHIB) is trading in a critical price range as technical indicators signal a potential shift. The meme-based cryptocurrency is hovering near $0.0000141, up 1.25 percent in the last 24 hours, after reaching a daily high of $0.0000143.
Market analysts are also watching the increase in Bollinger Bands formation at SHIB, which indicates a tightening atmosphere. Such a trend means that volatility is lower and that there is a potential breakout.
In the past, these arrangements have been precursors of steep price action, whether up or down, resulting in heightened concentration on the prevailing price range.
On the weekly timeframe, SHIB moves towards the upper Bollinger Band, with values between $0.00001414 and $0.00001432. This band was the origin of bull rallies in past market cycles. However, as the bands become narrower, the chances of near-term reversal increase as well.
Traders are considering the likelihood that SHIB could reach an important psychological resistance of $0.000015. This level may be achieved very soon in case the momentum is maintained.
Simultaneously, with the increase in selling pressure, the price will be able to slide to the $0.000013 zone, where a temporary contraction will occur.
Also Read: Metaplanet Acquires 780 More BTC, Total Holdings Now Exceed 17,000 Bitcoins
Source: Tradingview
Bulls Show Interest as Ethereum Strength Sparks Capital Inflows
SHIB’s current outlook is supported in part by Ethereum’s strong performance, as ETH climbed to $3,835 on July 27, its highest level in over a year. This upward movement has encouraged investment in Ethereum-based assets, including SHIB.
Shiba Inu has since regained one of the top 20 positions in cryptocurrencies by market capitalization. SHIB has now moved to second place in the ranking of the biggest meme coins with a market value of $8.36 billion.
On the positive indicators, however, the Relative Strength Index (RSI) points to a neutral trading momentum of 53.25. This implies that SHIB is not in an oversold or overbought area, with a possibility of increasing its value or falling.
Shibarium upgrade developments have also contributed to renewed investor confidence. The project aims to increase developers’ access and ease of activity within the ecosystem, which can foster long-term support for the token.
Shiba Inu stands at a pivotal moment as bulls target $0.000015 while market volatility remains low. With technical signals offering mixed outcomes, traders remain on alert for a decisive move in either direction.
Also Read: 366,000% XRP Surge – Here’s What’s Happening
