Recent movements in Shiba Inu (SHIB) signal the onset of a bullish trend as the cryptocurrency breaks through several resistance levels and gathers upward momentum.
Breakthrough of Key Resistance Level
SHIB has broken above a significant resistance level at $0.00001500, which previously hindered bullish attempts. The cryptocurrency is now decisively moving towards the next level at $0.00002, which has not been reached since early 2024.
Current Technical Indicators
At this moment, the daily Relative Strength Index (RSI) is above 80, indicating it is approaching overbought conditions. However, overbought readings can last longer in breakout conditions as momentum traders engage. Another key indicator of the validity of this movement is the increasing trading volume, which supports the current trend.
Overall Market and Investor Sentiment
The sentiment surrounding meme coins is improving, and speculative assets like SHIB are supported by broader market stability and heightened investor risk appetite. If Bitcoin remains stable or starts to rise, SHIB stands to gain additional investments.
Thus, SHIB demonstrates a strong technical and momentum setup that supports the anticipated growth towards the $0.00002 level. A successful daily close above $0.00001720 may bring this target closer.
