Monitoring SHIB’s breakout: Is Shiba Inu poised to ignite the next rally in meme coins?

Shiba Inu is once more attracting the interest of cryptocurrency fans due to recent breakout technical patterns. Over the last two days, SHIB has experienced an influx of 160 billion tokens, averaging 80 billion daily, which might indicate that many are missing this development. As the second largest meme coin following Dogecoin, Shiba Inu (SHIB) is displaying indications that it could be on the verge of a breakout after a prolonged period of decline. Following its peak of $0.00008845 in 2021, SHIB has experienced a downward trend characterized by a succession of lower highs and lower lows. Presently, its price movement suggests a subtle recovery. SHIB is presently priced at approximately $0.0000122, having bounced back above the 20-day simple moving average (SMA) and is now attempting to reach the 1603-day SMA, which is at $0.000013. If the price rises above this point, it is expected to approach the 100-day simple moving average at $0.00001576, and eventually reach the 2247-day simple moving average at $224. At the same time, the asset’s 233.16-day Relative Strength Index (RSI) is reported at 2119.32, suggesting that there is still potential for further price increases before reaching overbought levels. Additionally, the Heikin Ashi candles on the daily chart are progressively shifting to green, reflecting a positive market sentiment. The Accumulation/Distribution Line (ADL) suggests a reduction in selling pressure, indicating that investors might be entering an accumulation phase. SHIB is currently trending above the 24.71, 2122.94, and 3313-hour SMAs, successfully surpassing the resistance at the 1601-hour SMA. Important levels to monitor. SHIB is at a pivotal moment, facing numerous price levels that serve both as obstacles and safeguards.