- SHIB nears breakout as bulls challenge crucial resistance level.
- Rising volume fuels expectations of an imminent SHIB price surge.
- Technical squeeze signals potential for SHIB’s next major rally.
According to market data, Shiba Inu is entering a decisive phase as price action tightens near a key resistance level. The token has rebounded sharply from $0.000012, defending its 50-day exponential moving average and showing renewed buying momentum.
At this moment, SHIB trades within a reasonably narrow range below its 50-day EMA support, and above the 100-day EMA resistance. The arrangement has created a symmetrical triangle, which, in most cases, leads to volatility bursts. Historical trends show such formations tend to break in line with the prevailing market direction, which for SHIB has been upward.
Trading volume has also increased in recent sessions, particularly during upward moves. This is an indication that buyers have been on the move and might spark an upward surge towards the $0.000014 level. This point has been a major block to rallies many times in the past, hence an important market opinion level.
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Bulls Target 100-Day EMA to Unlock Next Rally
The 100-day EMA near $0.0000135 remains the immediate resistance that bulls must clear. A decisive close above this level could open the door for a push toward $0.000014. Breaking that level can then pave the way for additional gains to $0.000015.
The key to maintaining the bullish setup, however, is the 50-day EMA. A decline lower than $0.000012 may trigger a shift towards the $0.0000118 to $0.0000115 area, which would negatively affect the short-term perspective. In the meantime, good support and increasing volume make the bullish case even stronger.
Source: Tradingview
In the next sessions, the market players will closely monitor a breakout above the 100-day EMA. An achievement at that level would validate the commencement of the next crucial price rally of SHIB.
The narrowing of SHIB’s range with the help of active purchases indicates the possibility of a price squeeze if the price breaks above the 100-day EMA; short-term higher targets may be achieved.
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