- Hidden bullish divergence hints SHIB’s 306% rise to $0.000081 amid a strong crypto market.
- Breaking $0.00001553 and $0.00001 could push SHIB higher, boosting bullish momentum.
- SHIB up 42% since Sept; technicals suggest rally continuation with 315% potential upside.
Shiba Inu (SHIB), a prominent cryptocurrency in the digital asset space, appears to be positioned for substantial gains, with technical indicators suggesting a potential continuation toward a high price target of $0.000081.
This figure represents a significant increase, over 306% above the current price, and is supported by a hidden bullish divergence pattern recently confirmed on the SHIB/USDT trading chart. Such a bullish setup, amidst an overall strengthening in the cryptocurrency market driven by Bitcoin’s rally, indicates that SHIB may be gearing up for a substantial upward move if certain conditions hold.
A recent analysis of SHIB’s price action reveals notable technical patterns. The SHIB/USDT chart, sourced from TradingView, highlights key support and resistance levels, along with trend lines that outline SHIB’s historical price activity.
Source: Javon Marks
The chart annotations indicatez a “Breakout” area where SHIB’s price recently moved above a resistance level, followed by a “Retest” marking where the asset reconfirmed the breakout level as new support.
The presence of a hidden bullish divergence suggests that bullish momentum is accumulating. Typically, hidden bullish divergence hints at a trend continuation, reinforcing the notion that SHIB could sustain its upward movement.
The analysis identifies two significant price levels, $0.00001553 and $0.00001, as resistance targets in the bullish scenario.
These levels have historically been crucial points in SHIB’s price trajectory, and surpassing them could reinforce bullish sentiment and signal further upward movement.
Following a prolonged downtrend and consolidation period, forming an upward-sloping trend line further strengthens the bullish outlook.
The RSI indicator reflects higher lows as SHIB’s price tests new levels, suggesting a cautious yet optimistic outlook, provided SHIB can maintain support and move toward these key resistance levels.
Multiple confirmed hidden bullish divergence patterns since late September 2024 have already resulted in positive price action for SHIB, with a 42% gain from the lows recorded at that time.
Technical indicators suggest that the current market phase could represent the early stages of a continued rally, potentially leading SHIB to a target of $0.000081, an additional potential upside of over 315%.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
