Peter Smith
Shiba Inu is getting traders' attention again as it sits at a make-or-break moment. After hanging around under a downward sloping resistance line for weeks, this popular memecoin looks like it's gearing up for something big. A promising chart from trader suggests we might see SHIB make a run for higher prices, and everyone's wondering if this could be the start of a real comeback.
SHIB Technical Analysis
Looking at the 4-hour chart from Binance, SHIB is caught between two important levels:
- Support Zone: $0.00001150–$0.00001200 (marked in blue) keeps acting as a buying area
- Resistance Zone: That yellow downtrend line around $0.00001250–$0.00001300 is capping the upside
- Breakout Target: If SHIB can punch through resistance, we're looking at a potential move to $0.00001600
The setup suggests people are quietly accumulating coins at these support levels, possibly getting ready for a bigger move up.
Market Context and Catalysts
The memecoin space is heating up again, which is good news for SHIB's chances. Plus, the ongoing work on Shibarium and new DeFi partnerships are keeping the project in the spotlight. We're also seeing some whale activity around these support zones, and that usually means something's brewing.
If SHIB can stay above $0.00001200 and break through that resistance trendline, we could see a quick run up to $0.00001600 or even higher. But if it loses that $0.00001200 support level, things could get ugly fast with a drop back to $0.00001100, which would pretty much kill this bullish setup.
Peter Smith
