Can $SHIB break through the resistance and reach a new high?
Recently, SHIB has been exceptionally popular, with the burn rate skyrocketing by 6,223%, and the price following suit. Now everyone is discussing whether SHIB can maintain its momentum and break through that critical resistance level to continue rising.
From a technical perspective, SHIB has shown several positive signals. The golden cross on the daily chart indicates a potential for sustained upward movement. Moreover, SHIB is currently facing a key resistance level, and if it breaks through, it could soar to a high of $0.00004, which was previously unthinkable.
Looking at the RSI, or Relative Strength Index, it is currently at 66.26, indicating that everyone is buying, and the buying activity is quite strong. However, we must be cautious, as the RSI is approaching overbought levels, and a small pullback may occur.
Nevertheless, on-chain data has provided us with a lot of confidence. SHIB's network activity is becoming increasingly frequent, and as the price rises, user participation has also increased, which is a good sign. Additionally, the reserves of SHIB on exchanges are continuously decreasing, indicating that people are hoarding, and the selling pressure is diminishing.
Market sentiment is also very positive, with everyone feeling confident about SHIB. Open interest contracts are rising rapidly, and speculative activities are increasing, with many believing that SHIB has significant upward potential.
Therefore, I believe SHIB has a real chance of breaking through the resistance level and continuing to rise. However, we must remain calm, as investment carries risks, and one should be cautious when entering the market. If SHIB truly breaks that resistance level, the next target could be to hit the high of $0.00004.
Recently, I plan to position myself in a potential coin that is about to explode; doubling my investment should be quite easy. At the same time, I am looking for some potential coins to hold until the end of the year, with an expected return of over 10 times not being a problem, but spots are limited! If you want to keep up, like and leave a message.
