This Upcoming Shiba Inu (SHIB) Resistance Holds the Key to its Future: Insights
Shiba Inu is approaching crucial resistance levels that will play a crucial role in determining its future price movement. Specifically, the 26-day exponential moving average (EMA) and the 50-day EMA are the key targets for SHIB’s price in the near term.
Currently trading around $0.00002379, SHIB has been consolidating within a descending triangle pattern. However, recent price action suggests a possible breakout. The first resistance level for SHIB is the 26-day EMA at around $0.00002385. If SHIB manages to break above this level, the next target would be the 50-day EMA, currently approximately at $0.00002527.
Volume analysis indicates increased trading activity, with significant buying pressure observed during recent price dips. This suggests that investors are accumulating SHIB at lower prices, potentially providing support for a breakout. The Relative Strength Index (RSI) sits around 45, indicating that SHIB is neither overbought nor oversold, leaving room for upward movement.
Examining on-chain metrics, the number and volume of large transactions offer additional insights. Over the past month, there has been a notable increase in large transactions, peaking at 280 transactions on May 13. The volume of these transactions reached a high of 9.6 trillion SHIB on the same day, indicating significant activity from large holders.
In the last 24 hours, there have been 206 large transactions totaling 3.88 trillion SHIB, showcasing continued high volume activity from big players. This level of engagement is a positive sign and could provide the necessary momentum for a breakthrough in SHIB’s price.
Taking into account the current market conditions and on-chain data, there is a strong possibility that SHIB could experience a breakout within the next 24 hours. The key levels to monitor are the 26-day and 50-day EMAs. A decisive close above these resistance levels, accompanied by substantial volume, could signal a trend reversal and ignite a new upward movement for SHIB.