• Shiba Inu is trading at $0.00001206 after dropping 6.2% today, though support at $0.00001202 remains intact.
• The token recently broke above its descending trend line, with resistance holding near $0.00001289.
• The token gained 4.0% against BTC and 0.6% against ETH, showing relative strength on cross pairs.
  

Shiba Inu’s (SHIB) price was trading at $0.00001206 after recording a 6.2% decline during the day. Despite the reversal, the token has just broken above a downtrend line on the chart. The technical behavior has come into focus as the traders test the strength of the breakout. The price action continues to play out within defined support and resistance areas, marking areas of interest for the near term.

Key Support and Resistance Levels

The closest support is $0.00001202, which held against the recent drop. With incredible alignment, resistance is $0.00001289, the recent range high. These are the levels controlling short-term action as the market awaits a potential move to see if the token may build momentum after the established breakout. The close range shows how important these levels have been over the last few days.

Daily Performance and Market Movement

Shiba Inu has been very volatile in the last 24 hours. The daily range shows price movement between $0.00001202 and $0.00001289. However, the bigger picture is a break above the descending trend line, which had capped gains earlier. The asset’s weakness against the U.S. dollar contrasts with relative strength against other pairs, as SHIB gained 4.0% versus Bitcoin at 0.091070 BTC and 0.6% against Ethereum at 0.082888 ETH.

Market Outlook Following Breakout

The breakout from the descending structure places focus on whether Shiba Inu can sustain upward pressure. Analysts are monitoring if the price can challenge resistance near $0.00001289. Beyond this point, the chart indicates potential space for extended movement toward higher levels. For now, the token’s ability to remain above support at $0.00001202 serves as a critical marker. 

Chart projection also indicates the possibility of a rally with targets as distant as $0.00001800 if momentum builds. Shiba Inu trades in a tight range after falling below a descending trend line, with support at $0.00001202 firm and resistance at $0.00001289 capping movement, with traders bracing for potential volatility in the days ahead.

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