Shiba Inu Approaches Major Resistance: Will It Break Through?

Shiba Inu Approaches Major Resistance: Will It Break Through?

Shiba Inu (SHIB) is nearing crucial resistance points that could shape its next price trajectory. The primary targets for SHIB’s price in the short term are the 26-day EMA and the 50-day EMA.

SHIB is currently trading around $0.00002379, consolidating within a descending triangle. Recent price action, however, hints at a potential breakout. The first resistance level for SHIB is the 26-day EMA, located around $0.00002385. Should SHIB surpass this level, the next target would be the 50-day EMA, approximately at $0.00002527.

SHIB/USDT Chart by CoinMarketCap

Volume And Buying Pressure Analysis

Volume analysis reveals increased trading activity with notable buying pressure during recent dips. Investors appear to be accumulating SHIB at lower prices, supporting a possible breakout. The Relative Strength Index (RSI) is around 45, indicating that SHIB is neither overbought nor oversold, thus allowing room for upward movement.

Related article: Shiba Inu Sees Massive 1.5 Trillion Token Movement in 24 Hours.

On-chain metrics provide additional insights, especially the number and volume of large transactions. Over the past month, large transactions have surged, peaking at 280 on May 13. On the same day, transaction volume hit a high of 9.6 trillion SHIB, underscoring significant whale activity.

Recent Transaction Data

In the last 24 hours, 206 large transactions totaling 3.88 trillion SHIB were recorded. This substantial volume indicates strong interest and engagement from large holders. If this trend continues, it could offer the momentum needed for SHIB to break through its current resistance levels.

Related article: Shiba Inu Aims for 50% Price Spike to $0.000034

Considering the current market conditions and on-chain data, SHIB has a strong potential for a breakout within the next 24 hours. The crucial levels to monitor are the 26-day and 50-day EMAs. 

If SHIB closes above these resistance levels with significant volume, it could signal a trend reversal and initiate a new upward movement.

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Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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