Will Shiba Inu Rally 50% After Breaking Key Resistance? -

Will Shiba Inu Rally 50% After Breaking Key Resistance?

Oct 30, 2024Jeremy ParkinsonFinance0

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Shiba Inu is trading at $0.0000191, up 6% in the last 24 hours.

SHIB is currently above its 200-day EMA, signaling an uptrend.

On-chain data shows a bullish Long/Short ratio of 0.97.

In the cryptocurrency landscape, Shiba Inu (SHIB) is once again garnering investor attention with a notable price breakout, signalling a potential rally ahead. Following months of consolidation, SHIB’s bullish sentiment is primarily driven by recent price action and the broader market trend.Technical indicators, including the 200-day Exponential Moving Average (EMA) and rising on-chain metrics, are showing positive signs.Traders and investors are closely watching whether SHIB will confirm the breakout by closing a daily candle above $0.000021—a move that could propel its price by as much as 50%.
Shiba Inu’s technical analysis and key price levelsSHIB’s recent price movements reveal an imminent end to its prolonged consolidation phase, having broken free from a descending trendline set since March 2024.Traders await further confirmation, particularly a daily close above the $0.000021 level.Should SHIB achieve this, it could initiate a powerful uptrend, targeting the $0.000029 mark.The breakout has been supported by SHIB’s sustained position above the 200-day EMA, a key metric indicating a general upward trend.

Resistance at $0.000021: A daily close above this point would validate the breakout, pushing SHIB towards $0.000029, representing an approximate 50% gain.

200-day EMA support: SHIB’s position above this technical line reinforces bullish momentum.

The asset’s current price action underscores the market’s positive outlook, aligned with Bitcoin’s ongoing rally, which has lent support to meme coins and altcoins alike.However, a failure to break $0.000021 may see SHIB face renewed pressure from bears, potentially reversing its trajectory.Shiba Inu’s promising technical indicators are mirrored by its on-chain metrics, which further validate a bullish sentiment among market participants.According to data from Coinglass, SHIB’s Long/Short ratio currently stands at 0.97, suggesting traders are predominantly optimistic.
Will Shiba Inu sustain the rally?At the time of writing, Shiba Inu is trading around $0.0000191, up over 6% in the past 24 hours.During this same period, its trading volume has soared by 125%, underscoring a marked rise in investor engagement.High trading volumes often accompany price rallies, as increased demand bolsters upward momentum, which is currently the case for SHIB. Source: CoinMarketCapShould SHIB maintain this trajectory and close above the critical $0.000021 level, it is well-positioned to extend its rally toward the next major resistance point at $0.000029.The next few trading sessions will be crucial, as a sustained bullish performance will confirm whether SHIB is poised for a prolonged rally.While optimism runs high, it is essential to consider potential risks in SHIB’s journey towards higher price levels.Market conditions, such as Bitcoin’s price direction, may impact SHIB’s trajectory. If SHIB fails to secure a daily close above the $0.000021 level, it may face renewed selling pressure, potentially pulling its price down.More By This Author:Starbucks Stock On Edge As Fresh Threats Emerge Ahead Of Earnings Can AMD Catch Up To Nvidia In The Race For AI Chip Dominance? Pinterest Stock Price Deep Dive: Buy Or Sell Ahead Of Earnings?