shiba inu (SHIB) has recently broken above a key bullish trend line, which has sparked fresh optimism among traders and investors. This breakout marks a significant shift in momentum that could pave the way for a potential rally towards the $0.00002045 level. market With this possible recovery, all attention is focused on whether SHIB can maintain its upward trajectory and achieve this ambitious target, or whether the bears will step in to halt the recovery.
This article provides a detailed technical analysis of Shiba Inu’s recent breakout above the trendline and assesses whether this could trigger a rally towards the target of $0.00002045. Furthermore, it will explore the possible price reactions once SHIB approaches this critical level.
Over the past 24 hours, Shiba Inu has gained over 6%, reaching approximately $0.00001519. The crypto asset’s market cap has surpassed $8.9 billion, with trading volume exceeding $311 million. During this period, the market cap has increased by 6.59%, while trading volume has increased by 85.23%.
Trendline Breakout: A Bullish Signal for Shiba Inu?
Following the escape Above the trend line, SHIB price has maintained its bullish momentum, trading steadily above the 100-day simple moving average (SMA) on the 4-hours chart. This sustained positive sentiment reflects strong bullish momentum, indicating that bulls are firmly in control and could propel the price towards the next significant resistance level at $0.00002045.
Additionally, the Relative Strength Index (RSI) indicator is currently at 73%, indicating that Shiba Inu is in overbought territory. overbought The condition indicates strong buying pressure, suggesting that bullish momentum remains strong in the market.
On the daily chart, although SHIB is experiencing a short-term pullback, it is attempting to move towards the 100-day simple moving average (SMA) after a successful breakout above the downtrend line. The emergence of a bullish The previous day’s momentum candle indicates strong bullish sentiment, which could propel the cryptocurrency towards further gains.
Lastly, the 1-day RSI indicates that SHIB’s bullish momentum is strengthening, with the signal line moving into the overbought region after recently crossing above the 50% mark. The upward movement of the RSI suggests intensifying buying pressure and growing bullish sentiment for the asset.
Possible Market Reactions: What if SHIB Hits $0.00002045?
Possible price reactions when Shiba Inu hits $0.00002045 include a break above this level or a possible bounce.
If Shiba Inu breaks above the $0.00002045 level, it could signal the start of a sustained bullish rally towards the resistance level of $0.00002631. A successful break above this level could propel the asset towards the next resistance at $0.00002960, with the potential for even bigger profits.
However, if the cryptocurrency finds a bounce at the resistance level of $0.00002045, the price may retrace to its previous low of $0.00001272. When SHIB falls below this level, supportcould signal additional bearish momentum, potentially pushing the asset towards the $0.00000847 mark and possibly lower levels.
Featured image from Unsplash, chart from Tradingview.com
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