2023-8-5 21:24 |
Memecoin darling Shiba Inu (SHIB) has seen a remarkable price resurgence over the past week. After consolidating between $0.0000055 and $0.000008 for months in an ascending triangle, SHIB finally broke out upwards surpassing the key psychological barrier of $0.00001.
As of writing, SHIB is trading at $0.00001015, up over 16% in the last 24 hours. Trading volume has skyrocketed to over $850 million indicating strong interest behind the rally.
Technical analysis by altFins provides insights into SHIB’s potential next moves:
The triangle breakout signals a bullish trend reversal after months of decline. SHIB appears positioned to test overhead resistance around the $0.000010 and $0.000012 levels. Key momentum indicators like the MACD and RSI line up with the bullish setup, showing growing positive traction. Near-term support now likely lies between $0.000008 and $0.0000055 based on the ascending triangle’s lower trendline.Driving force behind the breakout seems to be excitement around the upcoming mainnet launch of Shibarium. The layer-2 scaling solution could significantly expand SHIB’s utility. The protocol also aims to burn SHIB tokens reducing circulating supply.
While promising, the rally warrants measured optimism.
SHIB remains in a long-term downtrend and faces historical resistance around $0.000012.
Traders should watch key levels outlined above and practice sound risk management. But with Shibarium on the horizon, SHIB may continue its bullish form in the short-term.
The post Shiba Inu Just Killed a Zero! All Eyes On This Level Now appeared first on CaptainAltcoin.
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