• Shiba Inu gains momentum as the price climbs 10.33% weekly, signaling growing investor confidence.
• RSI at 47.09 and MACD nearing a bullish crossover suggest potential short-term upside and increasing momentum.
• Analysts highlight the $0.00002370 breakout potential as SHIB nears the end of its descending channel pattern.

Shiba Inu (SHIB) is moving in an upward direction. The token is currently trading within the descending channel formation, which often precedes a bullish reversal. Its price has surged by 0.73% over the last 24 hours and 10.33% over the last week.

At the time of writing, SHIB is trading at $0.059912 with a market capitalization of $5.84 billion.  However, its trading volume decreased 21.25% to $135.7 million, reflecting that the traders are cautious about new positionings.

Source: CoinMarketCap

Also Read: 146 Billion Shiba Inu (SHIB) Back on Exchanges as Traders Eye Short-Term Profits

SHIB Approaches Resistance With Recovery Potential

The SHIB daily chart reflects a mild upward momentum. The price is closer to the middle Bollinger Band, which indicates consolidation on minimal volatility. The upper and lower bands are also somewhat flat, indicating minimal market activity. Candles balancing around the mid-band highlight indecision as SHIB tests resistance around 0.00001 levels for now.

Source: TradingView

At 47.09, the RSI is in neutral territory, reflecting neither strong buying nor selling pressure. The MACD is approaching a potential bullish crossover, supported by green histogram bars, indicating possible short-term upside if momentum builds. In general, SHIB seems to be heading into a minor rebound if it continues to hold pressure above important support levels.

SHIB Price Compression Hints at Imminent Bullish Move

According to the crypto analyst Jonathan Carter, Shiba Inu is inching closer to a critical breakout point on the 2-day chart, given that its formation of a descending channel continues to approach completion. The chart pattern has remained structurally intact, depicting a healthy consolidation phase. This may create an indication that the token can be preparing for a big shift in market momentum.

Source: X

Recent market action evidenced price compression within the channel, a classic indicator of an upcoming breakout. Buyers are gradually regaining control, with momentum building around the midline zone. This renewed strength could serve as the catalyst for a bullish reversal in the near term.

If bullish momentum strengthens, SHIB could aim for recovery levels at $0.00001150, $0.00001410, $0.00001570, $0.00001770, and $0.00002370. Each of these levels plays an important role in its potential rally. Confirmation of a breakout above the upper trendline could cement SHIB’s direction toward a wider market recovery.

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