Shiba Inu is experiencing a notable price breakout, rising by more than 19% and moving itself towards the important resistance level of $0.00002631. This significant rally signals a change in market momentum, characterized by strong buying pressure and increased trading volumes. Technical indicators show that SHIB is establishing a bullish trend, with key support levels solidifying its upward trajectory.
As Shiba Inu approaches this important resistance zone, we will pay attention to its recent 19% breakout and its approach towards the important resistance level at $0.00002631. By examining underlying technical indicators, market sentiment, and key support levels, we will assess the strength of SHIB’s upward trajectory and find out whether this rally can maintain its upward trajectory in the face of market resistance.
Bullish sentiment builds as Shiba Inu hits key resistance
On the 4-hour chart, Shiba Inu traded above the SMA, demonstrating strong bullish momentum as it approached the resistance at $0.00002045. Solid buying pressure combined with the formation of bullish candlesticks indicates a strong upward trajectory, making a test of this level highly probable.
Analysis of the 4-hour Relative Strength Index (RSI) indicates the possibility of a continued upward move, with the RSI crossing the 90% threshold and showing no signs of a near-term decline. This suggests that recent resilience is strengthening and the positive trend may continue.
Furthermore, SHIB has successfully crossed the 100-day simple moving average (SMA) on the daily chart, indicating a significant turnaround in its price momentum. Maintaining a position above this indicator shows the asset’s resilience and reinforces its optimistic sentiment. The upward move is not just a momentary surge, it reflects strong buying interest and market confidence, which suggests SHIB is poised for further gains.
On the daily chart, the RSI is located at 81%, which shows that Shiba Inu is approaching overbought levels. While this reflects strong buying pressure, it also raises the possibility of potential downside if the current surge weakens.
Will SHIB break the $0.00002631 barrier?
It is important to note that the $0.00002045 level serves as an important junction for SHIB’s current rise. Should the meme coin manage to maintain its upward momentum and break this barrier, it could pave the way to the $0.00002631 resistance level and beyond.
Nevertheless, failure to break the barrier could lead to a return to the previous support level of $0.00001272. When this level is breached, it could trigger a deeper decline, potentially dropping 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 an increase of 19.6% at the time of writing. In the last 24 hours, its market cap has increased by 19.6%, while trading volume has seen an increase of 101.33%.
