Shiba Inu (SHIB) continues to show bullish momentum, breaking through key resistance levels and reaching $0.00001548. This movement signifies a reversal from a broader downtrend and the beginning of a new phase in the market.
Shiba Inu and Its Recent Movement
SHIB has broken through key resistance and closed above the 200-day Exponential Moving Average (EMA), which previously marked a significant barrier. This confirms a shift in market sentiment.
Approaching the Resistance Zone
SHIB is nearing a previously significant support range between $0.000016 and $0.000017, which had triggered a breakdown in March. This area could now serve as a psychological resistance level where profit-taking may increase.
Attention to Retesting Support Levels
In case of a weak buying thrust and decreasing trading volumes, SHIB may bounce back to around $0.000014 or even reach the support level of about $0.000013. This would allow the RSI to return to neutral ground and potentially provide a better foundation for another upward trend.
The recent movements of Shiba Inu indicate that the asset is under pressure due to high RSI levels, but its ability to hold above key support levels will be crucial for further growth.
