- SHIB broke out of its descending triangle pattern.
- The meme token attempts to break past its range high to restart its upswing actions.
- Shiba Inu has near-term support of around $0.00000760.
Yesterday Shiba Inu approached the range high that it traded since 2021 May. If the asset overpowers this zone, it might experience a parabolic upsurge.
At the moment, SHIB ranks 47th in the crypto market by capitalization (CoinGecko data). The Dogecoin competitor managed to break from the descending triangle shape before validating the plunging resistance line as its support.
SHIB Approaches Range High
SHIB has maintained its action in the resistance at $0.00000950 and $0.00000550 support range since the 2021 May declines. The alternative coin has touched these areas and bounced for nearly four months.
On September 16, Shiba Inu surged 26% towards the resistance zone once more one day later. While writing this content, the price zone rejected SHIB, leaving an upper wick. If the asset closes a daily candle beyond $0.00000904, it will print a higher high. Combined with September 7 higher low, it may confirm a reversal and began an uptrend impulse.
The increasing volume signal also confirms the probability of breaking past the range’s upper area and extending SHIB’s upsurges. Over the previous 48 hours, the token attained the highest price since June.
Technical indicators show that Shiba Inu has a higher possibility of continuing its upside movements. The Relative Strength Index broke beyond the 50-level, and it’s climbing. MACD displays two positive strength bars. Moreover, the signal line appears close to enter the positive region. The stochastic oscillator heads higher and is almost to enter the bullish area beyond 80.
The daily price chart also depicts the September 7 breakout from a descending triangle. That was when Shiba Inu surged 24% and started its multi-day consolidation. That had the token rising to the price range upper at $0.00000950 before beginning a downswing.
The plunging actions confirmed the descending triangle twice as its support, sending the token towards the lows near the range support zone. Since then, the meme token rose by 40% and extended its upswings.
SHIB’s Future Movement
The near-term four-hour chart indicates a breakout of the descending resistance that it has respected since August 17. SHIB tested this line multiple times until breaking through amid increased volume during September 16 sessions.
Also, SHIB broke the near-term resistance/support near $0.00000760. The level will act as support in the near term, and it will confirm the zone before resuming the uptrend movement.