Shiba Inu Continues to Skyrocket as Prices BREACH Major Resistance!

The Shiba Inu token (SHIB) has witnessed a considerable rally recently, with its breakout not just gaining attention but also gathering significant momentum. Here’s an analysis of this compelling growth trajectory. Is Shiba Inu bullish? Will Shiba Inu prices continue to go up?

Shiba Inu Key Levels: Support and Resistance

Before diving deep, it’s crucial to identify the main support and resistance levels. At present, the token’s crucial support level stands at $0.0000090, while the resistance is mapped out at two significant points: $0.0000106 and $0.000012.

Fig.1 SHIB/USD 1-day chart – TradingView

1. An Era of Buyer Dominance

What stands out is the incredible buyer dominance in the market. After surpassing the breakout point at $0.000094, it transformed into a robust support level. Ever since crossing this mark, the bulls have maintained their stronghold, with no discernible presence of sellers impacting the market.

2. Assessing the Continuing Rally

As the rally steamrolls ahead, analysts have pinpointed the first significant resistance level at $0.0000106. Should the current momentum persist or even increase, SHIB might very well set its sights on the $0.000012 mark. The current market dynamics, bolstered by the token’s performance, suggests it possesses a strong potential to achieve these milestones.

3. Bullish Momentum Gains Traction

An analysis of the Moving Average Convergence Divergence (MACD) underlines the persistent bullish trend. Instead of slowing down, the bullish momentum has only gained steam over the past week. This is further evidenced by the MACD histogram, which has consistently recorded higher peaks since the latter part of July.

Fig.2 Shib/USD 3-hours chart – TradingView

Overall Market Bias Given these factors, it’s evident that the prevailing market sentiment for SHIB is bullish. This optimism suggests that SHIB could continue its upward trajectory.

A Glimpse into SHIB’s Short-Term Future

As the market evolves, it’s essential to watch the $0.0000106 resistance closely. Potential sellers might emerge at this point, potentially influencing the token’s price. However, if these sellers fail to make a substantial impact, it could pave the way for buyers to set a new target at $0.000012.