According to U.Today, Shiba Inu (SHIB) could be on the verge of a significant price increase as the market enters a recovery phase. Currently priced at $0.00001814, SHIB appears to be on the brink of a positive turnaround. The token has successfully climbed above the 50 EMA at $0.00001756, indicating a potential bullish momentum. The next resistance levels for SHIB are the 100 EMA and the 200 EMA, which could further support its upward movement.
The daily chart shows SHIB in an upward trend, attempting to break out of its recent downward trajectory. With the Relative Strength Index (RSI) at 53, there is still room for additional upward movement before the asset becomes overbought. The increase in trading volume also supports the bullish outlook, suggesting that more investors are entering the market and driving prices higher. This optimism in the cryptocurrency market could benefit SHIB, potentially helping it achieve its long-term goal of erasing a zero from its price.
On-chain data from IntoTheBlock indicates a rise in large transaction volume and overall trading volume for SHIB, suggesting increased popularity and activity. This increase in on-chain metrics often signals significant price changes, indicating that the token is becoming more widely used and adopted. The 200 and 100 EMAs will be crucial resistance levels to monitor. If SHIB successfully breaks above these levels, it could pave the way for additional gains and strengthen the bullish trend.