Shiba Inu is experiencing a notable price breakout, rising over 19% and positioning itself towards the critical resistance level at $0.00002631. This significant rally signals a shift in market momentum, characterized by robust buying pressure and increased trading volume. Technical indicators suggest that SHIB is establishing a bullish trend, with key support levels solidifying the upward trajectory.
As Shiba Inu approaches this crucial resistance zone, we will navigate the recent 19% breakout and its approach towards the critical resistance level at $0.00002631. By examining the underlying technical indicators, market sentiment, and key support levels, we will assess the strength of SHIB’s upside trajectory and examine whether this rally can continue its upward trajectory despite market resistance.
Bullish momentum is building as Shiba Inu targets key resistance
On the 4-hour chart, Shiba Inu is trading above the SMA, showing strong bullish momentum as it approaches the $0.00002045 resistance level. Solid buying pressure combined with the formation of bullish candlesticks indicates a robust upside trajectory, making a test of this level very likely.
An analysis of the 4-hour Relative Strength Index (RSI) indicates the potential for continued upward movement, with the RSI crossing the 90% threshold and showing no signs of a decline in the short term. This suggests that recent resilience is gaining strength and that the positive trend may continue.
Moreover, SHIB has successfully crossed above the 100-day Simple Moving Average (SMA) on the daily chart, indicating a significant shift in price momentum. Holding a position above this indicator demonstrates the asset’s resilience and reinforces bullish sentiment. The upward movement is not just a temporary spike, but reflects strong buying interest and market confidence, indicating that SHIB is poised for further gains.
On the daily chart, the RSI is positioned at 81%, indicating that Shiba Inu is approaching overbought levels. While this indicates robust buying pressure, it also raises the possibility of a potential pullback if the current upswing weakens.
Will SHIB break the $0.00002631 barrier?
It is important to note that the $0.00002045 level serves as a crucial intersection for SHIB’s current rise. Should the meme coin manage to maintain its upward momentum and break this barrier, it could pave the way for further gains towards the resistance level of $0.00002631 and beyond.
Nevertheless, failure to break the barrier could lead to a return to the previous support level at $0.00001272. Crossing this level could lead to deeper declines, possibly towards $0.00000847 and other lower levels.
With a market cap of over $11 billion and a trading volume of over $1.3 billion, SHIB was trading at approximately $0.00001951, reflecting an increase of 19.6% at the time of writing. Over the past 24 hours, the market capitalization has increased by 19.6%, while trading volume has increased by 101.33%.
