Shiba Inu Price Soars: What’s Next for SHIB?
Shiba Inu (SHIB) has seen a significant 7.2% price surge over the past week, sparking excitement among crypto enthusiasts. While some traders may be anticipating a breakout, analysis suggests caution as mixed signals from on-chain metrics and technical patterns could suggest a potential bull trap.
SHIB is navigating near the upper edge of a symmetrical triangle, a neutral chart pattern that could lead to a breakout in either direction. Here’s what the data reveals about the possible next steps for Shiba Inu.
Key Metrics to Consider for SHIB
The percentage of SHIB addresses in profit has increased, reaching 44.11% this week. Notably, similar spikes in the past have marked local tops, leading to corrections of 10–13%. This trend indicates that many holders could soon sell to lock in profits. Additionally, the exchange net position change has flipped, with a recent inflow of 1.62 trillion SHIB into exchanges, signifying potential selling pressure.
On the daily chart, SHIB is trading within a symmetrical triangle, a pattern that does not inherently indicate whether the price will move up or down. However, momentum indicators show a hidden bearish divergence, where price forms a lower high but the Relative Strength Index (RSI) creates a higher high. This usually signals a continuation of the broader downtrend unless substantial buying pressure emerges.
Critical Levels to Watch
For SHIB to make a clear breakout, it must close above $0.00001320 with strong buying momentum. However, for confirmation of sustained upward movement, analysts suggest watching for a move above $0.00001351, as it would invalidate bearish signals.
Failure to clear these levels could lead SHIB to retreat toward support at $0.00001267, with a deeper drop to $0.00001181 flipping the market structure bearish.
Stay Informed and Invest Wisely
SHIB’s current price dynamics present both opportunities and risks. Investors should monitor key levels and on-chain data while conducting thorough research. For portfolio stability, tools like Ledger Nano X Wallet can enhance security when trading and holding cryptocurrencies.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Always consult a professional before making decisions.
