As a seasoned researcher with years of experience analyzing the cryptocurrency market, I have seen my fair share of bull runs and bear markets. However, the current surge in Shiba Inu has caught my attention. The 19% price breakout and its steady approach toward the critical resistance level of $0.00002631 is a sight to behold.
The Shiba Inu token is witnessing a substantial price jump, rising more than 19%, and moving closer to the crucial resistance point of approximately $0.00002631. This powerful surge in price suggests a shift in market dynamics, marked by strong buying interest and heightened trading activity. Technical analysis indicates that Shiba Inu is forming a bullish trend, with vital support levels reinforcing its upward direction.
As Shiba Inu nears a crucial resistance point, let’s analyze its 19% surge and its progression towards the significant resistance value of approximately $0.00002631. By scrutinizing the technical factors, general market sentiment, and essential support points, we will evaluate the resilience of SHIB‘s uptrend and determine if this momentum can persist amidst market opposition.
Bullish Momentum Builds As Shiba Inu Targets Key Resistance
On the 4-hour price chart, Shiba Inu is trading above its Simple Moving Average (SMA), indicating robust bullish momentum as it nears the resistance level at $0.00002045. The steady buying pressure, along with the formation of bullish candlesticks, suggests a firm uptrend, increasing the likelihood that this level will be tested.
A look at the 4-hour Relative Strength Index (RSI) indicates it might keep rising, as it’s exceeded the 90% mark without any immediate indications of a downturn. This implies that the market’s recent robustness is growing stronger and the upward trend could continue for some time.
In addition, Shiba Inu (SHIB) has surpassed its 100-day Simple Moving Average (SMA) on the daily chart, signaling a notable change in its price trend. Remaining above this benchmark shows the asset’s robustness and bolsters its positive outlook. This upward trend is more than just a temporary surge; it represents considerable buying activity and market faith, hinting that SHIB might continue to climb higher.
In my analysis today, I’ve noticed that the Relative Strength Index (RSI) on the daily chart stands at 81%. This suggests that Shiba Inu is nearing overbought territory. Despite this strong buying pressure, it’s important to consider the possibility of a potential correction if the current upward trend starts to weaken.
Will SHIB Break Through The $0.00002631 Barrier?
It’s worth pointing out that the $0.00002045 mark is a crucial turning point in SHIB‘s current rise. If the meme coin can sustain its upward trend and surpass this threshold, it might open up opportunities for additional growth, potentially pushing toward the resistance level of $0.00002631 and beyond.
Despite attempting to surpass the boundary, not doing so might result in a retreat back to the previous support at approximately $0.00001272. Once this level is crossed, it could initiate further falls, potentially reaching as low as $0.00000847 and even lower ranges.
Currently priced around $0.00001951, SHIB, with a market value surpassing $11 billion and daily trading volume over $1.3 billion, has seen a rise of 19.6%. This growth was observed at the time of writing. Over the past 24 hours, its market capitalization has grown by 19.6%, while the trading volume increased significantly by approximately 101.33%.
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2024-09-28 02:10