Shiba Inu Looking to ‘Destroy that Zero’ – But Faces Tough Resistance at Key Level

2023-10-30 15:00

Shiba Inu (SHIB) has broken its long-term downtrend recently with an impressive rally, according to crypto enthusiast SHIB HOLDER. The meme coin is up over 11% from its September lows.

However, SHIB now faces significant resistance near the psychologically important $0.00001 level, also known as “erasing another zero.” From current prices around $0.0000079, SHIB would need a 25.5% rally to decisively break above $0.00001.

Technical analysis

According to altFINS, SHIB is approaching tough resistance after breaking out of a falling wedge pattern. Their target of $0.0000080 (also near the 200-day moving average) was reached.

Source: altFINS – Start using it today

The key test will be whether SHIB can close above that 200-day moving average. A convincing breakout would help confirm a trend reversal to a new uptrend.

In the near term, SHIB is in an uptrend, but the medium- and long-term trends remain in downtrends. Momentum is bullish, with the MACD line crossing above the signal line and the RSI above 55.

Support zones sit at $0.0000070 and $0.0000055. Resistance zones are at $0.0000080 (previous support), $0.0000100, and $0.00001200.

The recent SHIB rally has broken the long-term downtrend, but very strong resistance sits overhead around the 200-day moving average and $0.00001 level.

Read also:

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According to technical analyst altFINS, SHIB bulls need to see a decisive breakout above the 200-day MA and a daily close above $0.00001 to confirm a new uptrend. If resistance holds, a move back to support around $0.0000070 is likely. Traders should watch price action closely near the 200-day MA resistance zone.

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The post Shiba Inu Looking to ‘Destroy that Zero’ – But Faces Tough Resistance at Key Level appeared first on CaptainAltcoin.

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SHIBA INU (SHIB) на Currencies.ru

$ 8.3E-6 (-1.74%)
Объем 24H $132.92m
Изменеия 24h: -6.22 %, 7d: -5.46 %
Cегодня L: $8.3E-6 - H: $8.7E-6
Капитализация $4.892b Rank 24
Доступно / Всего 589244.375b SHIB / 589552.695b SHIB

shib shiba faces inu resistance meme enthusiast

Источник: captainaltcoin.com

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