Dog-themed cryptocurrency Shiba Inu (SHIB) has executed a surprising reversal, breaking past the Simple Moving Average (SMA) 50 at $0.0000245. This move was accompanied by a significant price jump of nearly 10%.
At the time of writing, SHIB was up 8% in the last 24 hours to $0.00002577 after reaching intraday highs of $0.0000263.
The daily SMA 50 at $0.0000245 has been a resistance level for Shiba Inu, capping its price since mid-April and preventing a breakout. However, SHIB surmounted this barrier temporarily in late May, reaching highs of $0.0000294 on May 29.
Shiba Inu's price met resistance at this high and began declining as profit-taking ensued. This decline caused SHIB's price to plunge below the daily SMA 50 after four days of losses, reaching a low of $0.00002284 on June 4.
SHIB/USD Daily Chart, Courtesy: TradingView
However, in a price reversal, Shiba Inu sharply rebounded from this low, recovering past the daily SMA 50 in today's trading session. The sudden surge past this critical point might suggest a change in the tide, with the potential for SHIB to establish new support levels above the daily SMA 50.
The crypto community is now closely watching Shiba Inu's price movements, to see if it can maintain its position above the daily SMA 50. A steady hold above this level could pave the way for further gains and possibly initiate a new bullish phase for the token.
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A fresh uptrend for the Shiba Inu price might aim for the $0.00003 and $0.000032 levels. all eyes are watching if Shiba Inu could flip the daily SMA 50 into immediate support to trigger a major jump.
Shiba Inu's present comeback above the daily SMA 50 at $0.0000245 remains significant, perhaps this could be the beginning of an epic breakout; however, this potential remains yet to be seen.
