2 weeks ago
8
Key Takeaways
- SHIB has broken above the descending trendline that capped it since July 4 and is holding above it.
- The July 15 high near $0.00000435 is the first meaningful resistance test.
- Two equal lows at $0.00000405 form the floor of the structure and support both bullish and bearish readings.
- RSI has turned higher on bullish divergence, but volume has contracted for roughly three weeks.
SHIB traded near $0.0000042 on July 23, according to TradingView data from Coinbase, close to its lowest level on the daily chart since September 2021 and slightly above the former resistance line around $0.00000418. Holding this area could give buyers room to extend the rebound, although the move does not yet confirm a broader reversal.
Price remains below the 50-day, 100-day and 200-day simple moving averages, while volume has contracted for roughly three weeks. The setup is therefore conditional: holding the breakout could keep the recovery alive, but confirmation would require SHIB to move beyond the recent swing highs with stronger par...
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