SHIB flips Cardano in market cap to take 11th position among top cryptos. What's next?
(note: the post contains data by CoinPedia)
The SHIB price has been trading in an ascending manner for a while, as the lower trend line has been acting as a strong support. The recent volatility that kicked into the space, caused the price to print consecutive bullish candles that lifted the levels within the resistance of an ascending triangle. Although a breakout attempt has occurred at the moment a bullish close above the zone may validate the upswing.
Moreover, the price has reached the upper range of the Gaussian Channel and a close above these levels may trigger a fresh bullish case. On the other hand, the RSI is ascending, suggesting the price may remain elevated and reach the upper resistance zone between $0.00003 and $0.000032. To do so, the buying pressure is required to increase with a rise in the trader’s activity, which could attract more liquidity.
Therefore, it is very crucial to monitor the Shiba Inu (SHIB) price action until the day’s close, as a small mistake may cause a breakdown. A daily close within or below the resistance zone can validate a bearish momentum, which may potentially lead to further downward movement.
