SHIB has shown rising potential recently, can the price continue to rise?
Recently, Shiba Inu Coin has shown a strong upward trend, successfully breaking above the 20-day, 50-day, and 200-day EMA, showing a significant increase in its bullish momentum. In particular, a breakout of a symmetrical triangle provided buyers with momentum, pushing SHIB towards key resistance levels.
Can SHIB maintain this upward momentum? Its recent breakthroughs on multiple EMAs have undoubtedly brought a strong signal of bullish recovery to the market. The breakout of this symmetrical triangle set the stage for SHIB to break through the $0.0000182 resistance level, which now holds the key to SHIB’s ability to continue rising. On the downside, the EMA provides immediate support for SHIB. If SHIB experiences a pullback, these EMAs may provide it with a solid foundation to stand on.
Furthermore, the RSI is well above its midline, further proving the strength of the bullish momentum. If prices can close above the 60-61 area, SHIB may continue to rise, although a reversal from overbought territory may follow. At the same time, you also need to pay close attention to the price trend of Bitcoin, as the overall market sentiment may have an impact on the trend of SHIB.
Additionally, SHIB’s trading volume increased by 54.32% to $145.1 million, which is certainly a positive sign considering its daily gains. Open interest also surged by 13.15%, indicating that traders are actively establishing new positions in anticipation of further gains in the near term.
Liquidation data shows an increase in short liquidations, indicating that shorts are being forced out of their positions. This further highlights a shift in bullish sentiment that could fuel SHIB's short-term upward momentum.
Therefore, if SHIB can manage to settle above the $0.0000182 resistance, it could continue its upward move towards the key $0.0000206 level. However, if it fails to sustain the upward momentum above the EMA, a retest of the $0.0000171 support is likely.
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