- SHIB breaks major resistance, eyes $0.00002 price milestone next.
- Rising volume and momentum boost Shiba Inu’s bullish breakout hopes.
- Technical indicators align, signaling strong potential for SHIB’s rally.
Shiba Inu (SHIB) has surged past a crucial technical resistance, bringing the highly anticipated $0.00002 level within reach. After weeks of muted movement, the token has broken above the 200-day Exponential Moving Average (EMA), triggering a renewed wave of bullish momentum.
The most recent rally was made stronger by the fact that SHIB was able to break the resistance zone of around $0.00001500. This break above the level has acted as capping resistance multiple times in January 2020; it was also the most important change in dynamics compared to other market participants on this asset.
The price is now reaching towards the next barrier of $0.00001720 before hitting the psychological mark of 0.00002.
Trading volume is rising steadily, suggesting strong backing from traders. According to TradingView, the daily RSI has trended above 80, which indicates potential overselling. Nevertheless, these readings may, at times, last during breakout stages, as the buying force seems not to abate.
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Technical Setup and Market Sentiment Support Further Upside
Besides momentum indicators, SHIB’s trend structure has improved. The token has been forming higher lows over the last month, supported by consistent pullbacks and consolidations. This pattern marks a departure from past erratic surges that lacked stability.
Moreover, the 50 EMA has moved above the 100 EMA on the daily timeframe, which supports the already bullish situation. This crossover is commonly thought to be a powerful validation of the forces of a trend and a long-term impetus.
Source: Tradingview
There has also been an improvement in market sentiment over meme coins. With the crypto market continuing to stabilise, investors are increasingly becoming interested in speculative investments such as SHIB. In case Bitcoin preserves its place or rises, SHIB can retain the interest of spillover flows.
Currently, focus is on the resistance at $0.00001720, as an upside daily close above this level is likely to pave the way to $0.00002. The probability of SHIB achieving this milestone has now increased based on volume accumulation and sellers backing out, unlike before.
SHIB’s breakout has opened the door for a potential push toward $0.00002. With momentum, structure, and sentiment all aligning, the target now looks more achievable than ever.
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