Shiba Inu Price Analysis: SHIB hints at explosive 50% run-up soon
- Shiba Inu price continues to wind up but reveals a possible breakout to the upside soon.
- Bollinger Bands indicator confirms a volatile move will arrive shortly.
- A breach of the upper band at $0.0000103 will signal the start of an uptrend.
Shiba Inu price has been coiling up for a massive breakout and it might be coming soon as hinted by this technical indicator. While a breakout could be in any direction, an upswing seems likely especially after a breach of a crucial resistance level.
Shiba Inu price eyes to begin a new uptrend
Shiba Inu price has dropped 37% in under a week and continues to do so. With price action getting narrower, the Bollinger Bands indicator showed that SHIB is getting enveloped between the upper and the lower bands, indicating reduced volatility.
Therefore, a decisive close above/below either of the bands will indicate a breakout.
However, considering the Stochastic RSI, which is displaying a bullish crossover in the oversold zone, and the Bollinger Bands’ squeezed outlook, suggest that an upswing seems like the most likely outcome.
If Shiba Inu price breaks above $0.0000103, it will signify the start of an uptrend. In that case, SHIB could rally 20% to tag $0.0000126. From the current position, this uptick would indicate a 50% rise.
However, if Shiba Inu price produces a decisive close below the lower band at $0.00000787, it would denote a bearish breakdown. If this were to happen, SHIB could crash 17% to the immediate support at $0.0000654.
