Shiba Inu Shatters Resistance: A Sign Of A Bigger Reversal?
October 17 2023 - 6:45AM
NEWSBTC
Shiba Inu (SHIB) has recently embarked on a surprising journey,
defying the odds and setting the stage for a potential
game-changing reversal. A recent report unveils fascinating
insights into SHIB’s price action, highlighting both optimism and
caution in equal measure. SHIB, currently priced at $0.00000705
according to CoinGecko, has exhibited remarkable resilience in the
face of adversity. Over the past 24 hours, it faced a modest 0.9%
decline, while the seven-day dip amounted to 1.6%. However, the
most intriguing aspect of SHIB’s journey lies in its confrontation
with a critical resistance level. Related Reading: XRP On The Cusp
Of Redemption? Unveiling Data-Backed Insights Recent market
analysis reveals that SHIB is engaged in a fierce struggle with the
21-day Exponential Moving Average (EMA), a pivotal indicator for
deciphering bullish or bearish trends in the world of
cryptocurrencies. This battle has not gone unnoticed by traders,
who are eagerly awaiting the outcome. Bulls Vs. Bears: The SHIB Tug
Of War SHIB’s recent price action indicates a tug of war between
bears and bulls, with the cryptocurrency precariously perched at a
crucial resistance level. Should SHIB manage to conclusively close
above this level, traders and investors could witness the
resurgence of bullish momentum. SHIB market cap currently at
$4.16 billion on the daily chart: TradingView.com While SHIB
enthusiasts are buoyed by the positive signs on the chart, there is
one conspicuous element causing concern—the declining trading
volume. A reliable rule of thumb in crypto markets is that a
cryptocurrency battling significant resistance, like the 21-day
EMA, should ideally be accompanied by surging trading volumes.
Related Reading: XRP Path To Recovery: Will $0.5 Be Conquered?
Increasing volumes signify robust buying interest and provide
substantial validity to price movements. In the case of SHIB, the
diminishing volume paints a contradictory picture. The declining
interest from traders and investors raises questions about the
sustainability of any potential bullish surge. SHIB price action in
the last week. Source: Coingecko What Lies Ahead For SHIB? The
Shiba Inu community eagerly watches as their beloved cryptocurrency
navigates these challenging waters. The battle with resistance and
the conundrum of decreasing trading volumes offer mixed signals,
making it imperative for investors to exercise caution. SHIB’s
journey remains one of unpredictability and volatility. Only time
will reveal whether the recent breakthrough will pave the way for a
lasting bullish trend or if caution will be the name of the game.
In the ever-changing world of cryptocurrencies, one thing is
certain: Shiba Inu continues to be a captivating, enigmatic player
in the digital asset landscape. As the market closely
monitors these developments, the importance of tracking both
technical indicators and market sentiment becomes increasingly
apparent for traders and investors alike. (This site’s content
should not be construed as investment advice. Investing involves
risk. When you invest, your capital is subject to risk). Featured
image from Gfinity Esports
SHIBA INU (COIN:SHIBUSD)
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SHIBA INU (COIN:SHIBUSD)
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