- SHIB experienced a 32% bullish surge, testing resistance near $0.0000090.
- Pullback lacks volume, suggesting potential for bullish continuation.
- A bullish crossover of the 50-day and 200-day EMAs hints at a resistance trendline breakout for SHIB.
Shiba Inu (SHIB) has surged by a staggering 32%, depicting a notable bullish reversal. This significant upswing in SHIB’s price trajectory has led to a critical juncture, testing the resistance threshold around the $0.0000090 mark.
This bullish rally, observed in SHIB’s daily chart, marks a substantial recovery, reviving optimism within the SHIB community. As the coin retests the 200-day Exponential Moving Average (EMA), it signifies a potent challenge against prevailing overhead resistance trendlines.
Source: TradingView
However, amidst this notable surge, the subsequent pullback to the 200-day EMA raises pertinent observations. Analysts highlight the lack of volume support during this retracement, which paradoxically enhances the possibility of a bullish continuation. This pattern hints at a scenario where the bullish momentum could persist, potentially leading to a breakout from the resistance trendline.
A crucial technical aspect contributing to this optimistic outlook for SHIB is the occurrence of a bullish crossover between the 50-day and 200-day EMAs. This bullish convergence aligns with the ongoing uptrend in SHIB’s price movement, bolstering the likelihood of a significant breakthrough at the resistance trendline.
As the crypto landscape observes SHIB’s remarkable resurgence and potential for a breakout, market observers remain poised for the unfolding developments. The current trajectory not only emphasizes SHIB’s resilience but also underscores the coin’s capacity to challenge established resistance barriers, laying the groundwork for potential transformative shifts in its price dynamics.
Read also:
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
