Shiba Inu (SHIB) recently broke through a major bullish trend line, sparking renewed optimism among traders and investors. This breakout marks a major shift in momentum that could pave the way for a potential rally towards the $0.00002045 level. With market With expectations of a rise in SHIB stock, all attention turns to whether the stock can maintain its upward trajectory and reach this ambitious target, or will the bears step in to stop this trajectory?
This article provides an in-depth technical analysis of Shiba Inu’s recent breakout above the trend line, assessing whether this could lead to a rally towards the $0.00002045 target. Additionally, it will explore the potential price reactions once Shiba Inu approaches this critical level.
Over the past 24 hours, Shiba Inu’s value has increased by more than 6%, reaching around $0.00001519. The market cap of the crypto asset has surpassed $8.9 billion, with trading volume exceeding $311 million. During this period, the market cap has increased by 6.59%, while trading volume has increased by 85.23%.
Trendline Breakout: Bullish Signal for Shiba Inu?
after that Go Above the trend line, SHIB price has maintained its bullish momentum, trading consistently above the 100-day simple moving average (SMA) on the 4-hours chart. This sustained positive sentiment reflects a strong bullish momentum, suggesting that bulls are firmly in control and could push the price towards the next important resistance level at $0.00002045.
Also, the Relative Strength Index (RSI) is currently at 73%, indicating that Shiba Inu stock is in the overbought zone. Overpriced The condition indicates strong buying pressure which indicates that the bullish momentum is still strong in the market.
On the daily chart, although SHIB stock is witnessing a short-term pullback, it is trying to move towards the 100-day simple moving average after a successful breakout above the downtrend line. rising The previous day’s momentum candle indicated strong bullish sentiment, which could push the cryptocurrency towards further gains.
Finally, the 1-day RSI indicates that SHIB’s bullish momentum is strengthening, with the signal line moving towards the overbought zone after recently crossing the 50% level. The upward movement in the RSI indicates intensifying buying pressure and growing bullish sentiment for the asset.
Possible Market Reactions: What Will Happen If SHIB Price Reaches $0.00002045?
Possible price reactions when Shiba Inu reaches the 0.00002045 level could include a breakout above this level or a potential bounce.
If Shiba Inu breaks the $0.00002045 level, it could signal the start of a sustainable upside rally towards the $0.00002631 resistance level. A successful break above this level could push the asset towards the next resistance at $0.00002960, with possible To get higher profits.
However, if the cryptocurrency faces a bounce at the $0.00002045 resistance level, the price could return to its previous low of $0.00001272. When SHIB breaks this level, SupportsThis could indicate additional bearish momentum, which could push the asset towards the $0.00000847 mark and possibly lower levels.
Featured image from Unsplash, chart from Tradingview.com