SHIB Price Analysis: Is a 23% Leap on the Cards for Shiba Inu This Month?

Maintaining a declining trend ever since the 2021 all-time high, the Shiba Innu coin price continues to make lower highs. With the early 2023 bull run of 78% forming a new lower high, the Shiba Inu coin price prolonged a downtrend leading to a new bottom formation at $0.00000667. 

However, with the recent V-shaped reversal of 48%, the Shiba Inu coin price breaks above the crucial resistance zone at $0.00000908. 

The SHIB coin price shows an intraday gain of 8.98%, with a 131% jump in intraday trading volume. This increases the meme coin by 16% in the last three days leading to an ascending triangle breakout in the daily chart. 

Moreover, the Shiba Inu coin price breaks Above the 23.60% Fibonacci level in the weekly chart. The retracement of this Fibonacci level is made from the lower high of late 2022. 

Supporting the bullish breakout, the MCD indicator displays a bullish crossover in the weekly chart. Moreover, the RSI indicator displays a sharp reversal from the overall boundary and challenges the bearish dominance at the halfway line. Therefore, the technical indicators display a rise in the underlying bullish sentiments.

If the meme coin finds a closing price above the 23.60% Fibonacci level in the weekly chart, the dog theme-based crypto is set to start the bull run to reach the 50% Fibonacci level at $0.00001179.

However, on the opposite end, excessive selling pressure above the 23.60% Fibonacci level can lead to a new lower high formation. In such a case, the downtrend for the meme coin is expected to continue and challenge the $0.00000667 support level.