Shiba Inu is facing a significant price drop, rising more than 19% and setting itself at the critical resistance level of $0.00002631. This important meeting indicates a change in market momentum, characterized by strong buying pressure and an increase in trading volume. Technical indicators suggest that SHIB is establishing a bullish trend, with key support levels reinforcing its upward trajectory.
As the Shiba Inu approaches this critical resistance area, we will navigate its recent 19% breakout and its path towards the critical resistance level of $0.00002631. By examining basic technical indicators, market sentiment, and key support levels, we will examine the strength of SHIB’s uptrend and assess whether this rally can maintain its uptrend in the face of market resistance.
Bullish Momentum Builds As Shiba Inu Targets Key Resistance
On the 4-hour chart, the Shiba Inu is trading above the SMA, showing strong bullish momentum as it approaches the $0.00002045 resistance level. Strong buying pressure combined with candlestick formations showing rising strength, makes testing this level very possible.
Analysis of the 4-hour Relative Strength Index (RSI) shows the strength to continue the upward movement, with the RSI crossing the 90% threshold and showing no signs of an imminent decline. This suggests that the recent bullishness is gaining strength and the positive trend may continue.
Also, SHIB has successfully crossed above the 100-day Simple Moving Average (SMA) on the daily chart, indicating a significant change in its price momentum. Holding its position above this indicator shows the stability of the asset and strengthens its sense of optimism. The upward move is not just a temporary uptick, it reflects strong buying interest and market confidence, suggesting that SHIB is poised for further gains.
On the daily chart, the RSI is set at 81%, indicating that the Shiba Inu is approaching overbought levels. While this indicates strong buying pressure, it also raises the possibility of a possible pullback if the current uptrend weakens.
Will SHIB Break the $0.00002631 Barrier?
It is important to note that the $0.00002045 level serves as a critical point for SHIB’s current surge. If the meme coin is able to maintain its high momentum and break this barrier, it could pave the way for further gains reaching the resistance level of $0.00002631 and above.
However, failure to break through the barrier would lead to a retracement to the previous support level of $0.00001272. If this level is breached, it may initiate a deep decline, possibly down to $0.00000847 and other lower ranges.
With a market capitalization of over $11 billion and a trading volume of over $1.3 billion, SHIB was trading at around $0.00001951, representing a 19.6% increase at the time of writing. In the last 24 hours, the market volume increased by 19.6%, while the trading volume increased by 101.33%.