As a seasoned crypto investor with a few battle scars and victories under my belt, I’ve learned to keep a watchful eye on emerging trends and promising altcoins like SHIB. And right now, Shiba Inu is giving off some strong signals that it wants to go higher. Let me share a few reasons why and what lies ahead based on the current market conditions.
As an analyst, I’ve noticed some intriguing signs from Shibaswap (SHIB) that suggest potential price growth. Let’s examine a few potential reasons behind this upward trend and consider the possibilities moving forward.
Key Support levels: $0.000022
Key Resistance levels: $0.000025
1. SHIB Eyeing the Key Resistance
With the price firmly above the support level of $0.000022, investors are eager to push the price further and challenge the significant resistance at $0.000025. The earlier attempt to breach this resistance in early May was unsuccessful, but a renewed effort could be fruitful given the emerging bullish momentum.
2. Buyers are Returning
Shib’s price experienced a noteworthy surge of more than 5% today, fueled by substantial buying activity. The last occasion of such a price hike was during early May when Shib attempted to breach its significant resistance level. This uptrend is an optimistic indicator and may potentially pave the way for a breakthrough.
3. MACD is Curving Up
In simpler terms, the MACD histogram, which represents the difference between two moving averages of Shiba Inu (SHIB), has formed higher troughs over the past two days. This pattern suggests that the moving averages could be on the verge of forming a bullish crossover. At lower timeframes, this crossover has already taken place following the recent surge in buying pressure. If this trend persists, SHIB may surpass the $0.000025 mark.
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2024-05-13 13:57