In the crypto world, Shiba Inu (#SHIB، ) is once again capturing investor attention due to a recent drop in prices, signaling potential growth. After months of consolidation, $SHIB is now gaining bullish momentum, supported by recent price trends and an overall positive market trend.
Technical indicators, such as the 200-day exponential moving average (EMA) and rising on-chain metrics, show optimistic signs. Traders are closely watching to see if SHIB confirms a breakout by closing above $0.000021 on the daily chart – a move that could lead to a 50% price increase.
Technical Analysis of Shiba Inu and Key Price Levels
Recent price movements for SHIB suggest a potential end to its extended consolidation phase, as the token broke away from a downward trend in March 2024.
Traders are now waiting for breakout confirmation, especially a daily close above the $0.000021 level. Should this happen, SHIB could begin a strong uptrend, with a potential target of $0.000029.
Resistance at $0.000021: A close above this level would confirm the breakout and pave the way toward $0.000029, which would represent about a 50% gain.
200-day EMA as Support: SHIB’s stable position above this key technical line bolsters market optimism.
SHIB’s recent price action highlights a positive outlook, which aligns with Bitcoin's ongoing rally that has also been supporting altcoins and meme coins.
However, if SHIB fails to hold above $0.000021, it may face increased bearish pressure and reverse its current trend.
Promising Indicators and On-Chain Metrics
Shiba Inu’s technical indicators suggest favorable prospects, also reflected in on-chain metrics, confirming market optimism. According to data from Coinglass, SHIB’s long/short ratio is currently 0.97, indicating strong trader confidence.
Can Shiba Inu Maintain Its Rally?
At the time of writing, Shiba Inu is trading around $0.0000191, reflecting a gain of over 6% in the last 24 hours. Trading volume has simultaneously increased by 125%, indicating significant investor interest.
High trading volume often accompanies price increases, as heightened demand fuels an upward trend, as is the case with SHIB currently. If SHIB maintains this momentum and closes above the critical $0.000021 level, it stands a strong chance of continuing upward to the next resistance point at $0.000029.
The next few trading sessions will be crucial, as continued upward performance would confirm whether SHIB is set for a more extended rally.
Despite current optimism, it’s important to consider potential risks along SHIB’s path to higher prices. Market conditions, including Bitcoin’s price direction, may influence SHIB’s trajectory. If it fails to close above $0.000021, it could face renewed selling pressure, leading to a price decrease.
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