Shiba Inu ($SHIB ) Reaches 30-Day High: Is a New All-Time High on the Horizon?

Shiba Inu (SHIB) is showing strong bullish momentum, recently reaching a notable 30-day high. This upward trend, which began in mid-October, has attracted investor interest as SHIB trades above a key trendline support. Increasing buying volume reinforces this bullish sentiment, suggesting sustained demand.

SHIB is currently facing resistance around $0.00001900—a level that has previously blocked further gains. Overcoming this resistance on strong volume could pave the way for SHIB to approach its all-time high (ATH). However, if it fails to break above this level, the asset could retreat to support near its 50-day moving average. The broader cryptocurrency market is also gaining momentum as political uncertainty eases following the recent US midterm elections, with investors becoming more risk-averse. This favorable environment could support assets like SHIB, as many expect further growth following this period of reduced geopolitical tension.

For SHIB to continue its rally, it must maintain high volume and decisively break through local resistance. Success here could propel SHIB into a new phase of growth, potentially revisiting levels not seen since its last bull run. However, traders should keep an eye out for any signs of momentum fading at resistance points, as this could signal a temporary pullback. Overall, SHIB’s recent performance is promising, but a sustained breakout is needed to confirm its path towards the ATH.

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