SHIB climbs back into an ascending channel as buying pressure returns | Credit: Hameem Sarwar
Share
Key Takeaways
SHIB rebounds into an ascending channel after hitting $0.0000079.
Indicators show rising buying pressure and improving holder profitability.
Breakout could target $0.0000095 to $0.000011; rejection risks $0.0000075.
Shiba Inu (SHIB) spent months trapped in a flat, lifeless range, leading traders to write it off.
Bullish sentiment around the cryptocurrency faded almost completely.
However, over the past 24 hours, SHIB’s price has shown signs of strength as it aims to recover a significant portion of the decline it has faced.
Could this be the early signal of a much larger SHIB breakout? Let’s find out.
Shiba Inu Reclaims Ascending Channel
On Monday, Dec. 1, SHIB dipped to $0.0000079. However, the token has since joined the broader crypto market recovery.
As of today, SHIB has risen to $0.0000088, indicating an increase in short-term strength.
Get These Top Crypto Casino Offers Now!
Sponsored
Disclosure
We sometimes use affiliate links in our content, when clicking on those we might receive a commission at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
A closer look at the 4-hour chart confirms this shift.
The recent bounce has pushed SHIB’s price back into an ascending channel, a structure that supports gradual upward movement as long as the price stays above the lower trendline.
In addition, the Money Flow Index (MFI) has broken its downtrend. It has also risen from oversold territory.
This move indicates growing buying pressure. Due to this development and the strong support at $0.0000079, SHIB’s price may be preparing to test the $0.0000090 resistance level.
In support of this, the green line of the Supertrend has positioned below the price. If sustained, this could reinforce the thesis that SHIB’s price will increase in the short term.
Following this recent price recovery, on-chain data from Santiment shows that SHIB’s Market Value to Realized Value (MVRV) ratio has reversed its downtrend.
This shift suggests that holders, on average, are beginning to see an improvement in unrealized returns.
As of this writing, the 30-day MVRV ratio is inching closer to the zero line.
A break above zero would indicate that the average SHIB holder is moving into profit.
Historically, such flips align with a change in market sentiment and can support continued short-term upside.
Therefore, if the metric finally breaks above the zero line, SHIB’s price will likely breach the overhead resistance mentioned earlier.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
