Shiba Inu (SHIB) price is tying up a small gain as price action tries to move away from its floor levels for November.
The chart identifies two sources of pressure: a descending red trend line for the bears and a green ascending trend line for the bulls. With these two forces at work, both parties are being pushed toward each other to consolidate price action. This resulted in a bullish breakout on the back of a weaker US Dollar flirting with a crucial break higher.
Shiba Inu price is currently trading around the middle of the two mentioned trend lines that are moving toward each other. With buyers and sellers being pushed together, a breakout is granted either this week or next. Seeing the current market dynamics, with the US Dollar still breaking weaker against most pairs and equities primed to rally higher, the bulls are set to win the tie.
SHIB price thus sees bulls gearing up for a pop higher, which could come quite quickly. The EUR/USD has been trading near a key level that could break at any moment to the upside, triggering a tailwind for cryptocurrencies.
Expect to see, at that moment, SHIB pop higher in tandem, breaking above $0.00001000 and targeting the 55-day Simple Moving Average (SMA) near $0.00001068. That latter price level would act the part of an anchor point before juicing price action to jump higher, should the US Dollar weaken any further.
