Shiba Inu’s price climbed to $0.00001173 after rebounding from strong support at $0.00001150. The move comes as bulls step in following days of pressure that kept the token within a narrow trading range.
Throughout the past week, SHIB moved between $0.00001140 and $0.00001190. Sellers failed to break the $0.00001130 level, while buyers gradually formed a pattern of higher lows. A falling wedge on the 4-hour chart is nearing a potential breakout, suggesting a short-term shift in momentum.
Technical indicators are beginning to reflect bullish sentiment, with the RSI climbing to 67.70 on the 30-minute chart. Meanwhile, MACD went bullish, and Supertrend went green at the price of $0.00001154.
These indicators suggest that there is an expected strength in the building as the price tries to get higher than the present resistance.
Source: Tradingview
The 4-hour chart indicates tighter Bollinger Bands and less volatility, which often precedes more powerful movements. The market price falls in the middle band at 0.00001195, which is at the 50 EMA. An upside movement beyond this region may aim at the price range of $0.00001235 to $0.00001260.
Source: Tradingview
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Momentum Indicators Strengthen as SHIB Approaches Critical Resistance
VWAP indicators on shorter timeframes show SHIB trading above the daily average of $0.00001157. This shift reinforces the growing bullish outlook. The Parabolic SAR has also flipped below the price, marking an early signal for upward continuation.
Source: Tradingview
The on-chain data aligns with the technical perspective, as exchange netflow information shows a slight increase of $447,000 into SHIB positions on June 20. Although this is comparatively small, there is the potential for repositioning as price pushes at resistance.
Liquidity analysis reveals consistent accumulation around the $0.00001120 level, a zone that has attracted steady buying interest throughout June. A bullish Change of Character in this area also helps further a near-term drive to the upside.
SHIB currently encounters opposition in the range between 0,00001260 and 0,00001340. A break above this area may enable the price to trend to the level of 0.00001450 with an increase in volume.
Shiba Inu’s outlook has shifted slightly in favor of bulls, but confirmation above $0.00001220 is still needed. Until that level is reclaimed, the token remains in a cautiously optimistic phase.
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