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▲ Shiba Inu (SHIB)
Shiba Inu (SHIB) has broken out of a long-term downtrend structure and entered a retest of a key zone, raising the possibility of up to a 100% surge in the future.
According to the crypto media outlet The Crypto Basic on April 22 (local time), Shiba Inu is showing early signs of a structural change on the daily chart after several months of downward movement. It recently broke above a long-term downtrend channel and has entered a 'retest' phase to examine that zone again.
According to the report, this zone is between approximately $0.0000058 and $0.0000060, an area that previously served as resistance. If this zone is converted into support, it would be considered a critical turning point, confirming the end of the downtrend and the start of an uptrend. Conversely, if it fails to hold, there's a possibility that the breakout itself could be invalidated.
Technical indicators also support a positive trend. The Moving Average Convergence Divergence (MACD) has shown a bullish crossover signal for the first time since February, suggesting an easing of selling pressure. According to Bollinger Bands, the price is moving towards the upper band, attempting to establish support. However, the current movement is in its early stages, and whether the price can be sustained in the retest zone will be a key variable.
The next target zones for an uptrend have also been clearly presented. The primary resistance is in the $0.00000785 to $0.00000821 range, representing a potential increase of approximately 26% to 32% from the current price. If it reaches the $0.00001038 to $0.00001261 range thereafter, a scenario of up to 67% to 103% increase opens up.
On-chain metrics also support bullish expectations. According to Shibburn data, the burn rate surged by 544% in the last 24 hours, with over 23 million SHIB burned. Concurrently, open interest increased by 13% to $69.27 million, indicating expanding interest in the derivatives market.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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