Shiba Inu Breaking Resistance? Doesn’t Seem So Far-Fetched Now

Shiba Inu (CRYPTO: SHIB) is trading higher Monday as the crypto market moves higher. It is one of Dogecoin’s (CRYPTO: DOGE) main meme crypto competitors. Shiba Inu looks to be nearing a breakout level and could shoot higher if the momentum continues.

Shiba Inu was up 9.19% at $0.0000092 at last check Monday.

Shiba Inu Daily Chart Analysis

  • Shiba Inu has been forming a cup pattern up toward a key resistance level, possibly ready for a breakout soon.
  • The crypto trades above the 50-day moving average (green), indicating recent sentiment has been bullish. This moving average may hold as an area of support in the future.
  • The $0.00001 level has acted as resistance in the past for the crypto. The crypto is forming a cup pattern pinching the price up to this resistance level.
  • The Relative Strength Index (RSI) has been climbing higher and now sits at 74. The RSI has now entered into the overbought range. If price can break resistance while the crypto is overbought it may be a perfect recipe for a breakout.

What’s Next For Shiba Inu?

Bullish traders would like to see Shiba Inu continue to trade above the cup and then go on to break resistance. If the crypto can hold above resistance and consolidate it may continue to climb.

Bearish traders are looking to see Shiba Inu fall below the cup pattern and continue to fall lower. If the crypto can drop below the moving average it may see a change in sentiment.

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