Shiba Inu has recently shown a strong bullish trend as the price rose above the 20-day, 50-day, and 200-day EMAs. The recent symmetrical triangle breakout has given the bulls the advantage, pushing SHIB to test key resistance levels. At press time, SHIB was trading at around $0.0000184, up 4.14% over the past 24 hours.
Can SHIB continue its bullish momentum?
SHIB's recent rally above the 20-day, 50-day and 200-day EMAs has highlighted a strong resurgence in bullish momentum.
The recent breakout of the symmetrical triangle pattern has facilitated buyers to move towards the $0.0000182 resistance, which has now emerged as a key barrier for further upside.
A strong close above this level could push SHIB towards the $0.0000206 resistance in the coming sessions where sellers are likely to step in to initiate a consolidation phase.
In this case, buyers can expect the price to move sideways between $0.0000206 and $0.0000182.
On the downside, immediate support lies around the EMA, which could provide a solid base for SHIB to regain ground if prices fall.
RSI stands above the midline to indicate a bullish range. A close above the 60-61 zone could pave the way for additional gains before a potential reversal from overbought territory. Traders should also keep an eye on Bitcoinâs price action, as the overall market sentiment is likely to influence SHIBâs trajectory.
Derivatives Data Reveals THIS
It is worth noting that the 24-hour long/short ratio of this meme coin is 1.0462, indicating a slight bullish trend. The long/short ratio on Binance and OKX is 1.0462 and 2.43, respectively.
This reaffirms the bullish trend and shows traders' confidence in the ongoing rally.
Similarly, SHIBâs trading volume increased by over 54.32% to $145.10 million, which is largely a positive sign considering the daily increase. Open interest also spiked by 13.15%, indicating that traders are increasingly taking new positions, likely anticipating further increases in the short term.
Liquidation data shows higher short liquidations, indicating that sellers were forced to exit their positions. This highlights a shift to bullish sentiment, which could further fuel SHIBâs short-term rally.
Therefore, a close above the $0.0000182 resistance could open up additional upside potential for SHIB, targeting $0.0000206 as the next key level. Conversely, failure to sustain the upside momentum above the EMA could result in a retest of the support at $0.0000171.
