The price of Shiba Inu (SHIB) has surged following a breakthrough of a significant technical resistance, setting the stage for potential further gains.
SHIB's Resistance Breakthrough
Shiba Inu (SHIB) has reached a new level by breaking above key technical resistance. The token broke out of the resistance zone around $0.00001500, which triggered a new growth phase. This breakout in January 2020 was a significant indicator of changing dynamics for SHIB in the market.
Technical Indicators Analysis
SHIB's price solidifies its position amid rising trading volume and positive technical indicators. The RSI at 80 indicates a possible oversold state; however, such readings are common during breakout periods. The current trend structure has also improved, forming higher lows over the past month with the 50 EMA crossing above the 100 EMA.
Market Sentiment
Sentiment surrounding meme coins, including SHIB, has improved. As the crypto market stabilizes, investor interest in speculative assets is increasing. Current focus is centered on the resistance level at $0.00001720, and closing above this level is likely to pave the way to $0.00002.
SHIB's breakthrough through key resistance levels indicates the potential for further growth. Strong technical indicators and positive market sentiment highlight the likelihood of reaching the $0.00002 mark.
