Shiba Inu (SHIB) on Verge of Breakthrough: Unexpected Surge
$SHIB
Shiba Inu sets itself up for unexpected, yet powerful, breakthrough
As the cryptocurrency market remains highly volatile, with price swings influenced by a multitude of factors, the meme coin Shiba Inu (SHIB) has successfully broken through a local resistance level, creating a setup for a longer-term reversal. A meticulous study of its recent chart showcases intriguing patterns that hint at a potential surge in its price trajectory.
First and foremost, a close examination of the SHIB/USDT chart reveals a coin that is in a fierce battle with the 21-day Exponential Moving Average (EMA). The 21-day EMA has historically acted as a decisive indicator of bullish or bearish momentum for many cryptocurrencies.
At present, SHIB seems to be testing this crucial resistance level, indicating a struggle between bears trying to push the price down and bulls aiming to propel it higher. If SHIB manages to close above this level, traders could expect newfound bullish momentum. However, while there is visible optimism on the chart, it is crucial not to overlook some underlying factors. One of the most conspicuous elements is the descending trading volume. A price chart depicting a cryptocurrency battling key resistance, like the 21-day EMA, ideally should be accompanied by rising trading volumes.
This would indicate a strong buying interest and add validity to the price movement. In SHIB's case, the decreasing volume presents a contrary narrative. It raises concerns over the sustainability of any bullish run, as a surge without substantial volume support might be short-lived.
