TradingView analysis confirms Shiba Inu price at long-lost level of 0.00003 USD

A recent analysis on TradingView argues that Shiba Inu could soon reach the long-lost price level of $0.00003.

Over the past few months, Shiba Inu has struggled to maintain a consistent positive trend. Its price movements have been characterized by sideways movements with falling prices. However, last week, Shiba Inu made an unexpected comeback by breaking the $0.000013 price level and reclaiming the $0.00001501 region.

Meanwhile, the bull run soon lost momentum and SHIB dropped to $0.00001419 shortly after. At press time, SHIB is trading at around $0.00001467 and is up 2% in the last 24 hours, however, the value is still below its monthly high.

As The Shiba Inu bull trend is gradually gaining momentum, a recent analysis has highlighted that SHIB could be preparing to reverse its months-long downtrend with a significant rally. It pointed to several recent technical indicators that confirm this impending development.

Technical indicators confirm Shiba Inu Road at 0.00003 USD

First, the analysis found that Shiba Inu's sustained decline of over 67% since its yearly high in March has formed a falling wedge pattern, which analysts view as a potential signal of a bullish trend reversal.

Secondly, it was noted that Shiba Inu’s recent comeback rally resulted in it breaking its upper trendline after forming a double bottom reversal pattern.

Additionally, Shiba Inu has recorded four consecutive bullish candles on the daily charts, indicating renewed buying interest. During this time, SHIB has recorded price gains of over 10%.

In addition, the report found that the Relative Strength Index (RSI) for SHIB has turned bullish and is approaching the overbought zone, indicating strong buying pressure that is adding further momentum to the ongoing rally.

The Ways for Shiba Inu to Rise to $0.00003

According to the analysis, Shiba Inu is currently testing the critical resistance at the 50-day exponential moving average (EMA). If the coin manages to break above this level, it could resume its uptrend.

The next target would be the 200-day EMA at $0.00001683. Overcoming these resistance levels would strengthen the case for a sustained upside move.

The next major psychological Resistance is at $0.000020. Since it is an important round number, traders often focus on this level, making it crucial for the asset's price action.

If the coin maintains its bullish momentum beyond this psychological barrier, SHIB's next key resistance would be at $0.000028, bringing the $0.00003 mark within reach upon breach. This would represent a massive gain of over 104% from the current price of $0.0000147.

Support level to watch

On the downside, the analysis noted that SHIB’s critical support remains at $0.00001297. If the price breaks below this point, it could signal a return to bearish sentiment, with further declines possible.