Nov 18, 2024
6thTrade
Shiba Inu (SHIB) appears to be breaking free from its prolonged downtrend, with price movement and on-chain metrics indicating a potential rebound. After months of consolidation, SHIB is now trading near a critical resistance level at $0.000025, suggesting the possibility of a significant upswing.
$SHIB
Bullish Signals on the Chart
SHIB has successfully broken above key exponential moving averages (EMAs), including the 50-day and 200-day EMAs, on its daily price chart. These are often considered strong bullish indicators. Additionally, trading volume has notably increased over the past week, reflecting growing investor interest.
The next crucial resistance level to watch is $0.00003. A sustained move above this level could pave the way for higher targets and attract more buyers, signaling further bullish momentum.
Burn Rate and Market Sentiment
SHIB's burn rate has surged by 6,223%, according to recent data, highlighting continued interest in the token amid a recovering cryptocurrency market. While still below its seven-day high of 29.22 trillion, the steady activity reinforces optimism around SHIB’s potential recovery.
Opportunities and Risks Ahead
If SHIB maintains its current trajectory and trading volume continues to rise, it could surpass its recent highs and challenge higher resistance levels. A clean breakout above $0.000025 would likely draw in new investors, accelerating its upward movement.
However, traders should remain cautious, as potential profit-taking by large holders could temporarily slow SHIB’s progress. For now, sustained momentum and increased participation suggest that SHIB may be positioning itself for a notable recovery.