SHIB Holds Bullish Momentum Near $0.00001235 Amid Key Resistance Watch

SHIB is currently trading at $0.00001235, maintaining bullish momentum as it inches closer to key resistance at $0.00001257 [1]. Over the past 24 hours, SHIB has seen a modest gain of 0.66%, reflecting a balanced yet steady rise in buyer participation [1]. The price has remained within a defined channel on the hourly chart, oscillating between a support level of $0.00001212 and the critical resistance at $0.00001257 [1]. Analysts at COINOTAG emphasize that most of the Average True Range (ATR) has already been covered, which suggests limited near-term volatility and a consolidation pattern [1].

A successful breakout above $0.00001257 could serve as a strong signal of renewed buying pressure and potentially propel the price toward the $0.000013 level [1]. Traders are advised to monitor this resistance closely, as it could determine the next upward leg of SHIB’s movement. According to COINOTAG, the market remains in a phase of consolidation, with bulls in control and no significant price swings expected in the immediate term [1].

Looking at the midterm outlook, SHIB remains within the bounds of the previous weekly candle, with a key interim support zone identified at $0.00001150 [1]. If the price closes below this level, it could trigger a deeper decline toward the $0.000010 range, signaling a potential bearish continuation. This support is considered vital for gauging the strength of the ongoing bullish trend and for confirming whether the current upward movement is sustainable [1].

Market participants are currently exhibiting cautious optimism, with SHIB trading near $0.00001235 and consolidating within the defined support and resistance levels [1]. The absence of significant volatility points to a potential buildup before a decisive price move, as highlighted in the latest analysis by COINOTAG [1]. Traders are advised to keep an eye on both the $0.00001257 resistance and the $0.00001150 support, as these levels will likely dictate the next steps in SHIB’s price trajectory.

The technical analysis highlights the importance of these key levels in shaping SHIB’s near-term direction [1]. A breakout above $0.00001257 would not only confirm bullish control but also open the door to a test of the $0.000013 zone, which represents a meaningful psychological threshold for the asset [1]. On the other hand, a pullback below $0.00001150 may lead to a reevaluation of market sentiment, prompting more conservative trading strategies [1].

In summary, SHIB continues to display a technical setup where bulls hold the advantage, with the price steadily moving higher amid a controlled consolidation phase [1]. Traders should closely watch the defined support and resistance levels to better anticipate potential shifts in market direction [1].

Source: [1] SHIB Price Shows Modest Gains Amid Resistance at $0.00001257, Potential Test of $0.000013 Zone Possible (https://en.coinotag.com/shib-price-shows-modest-gains-amid-resistance-at-0-00001257-potential-test-of-0-000013-zone-possible/)