Main navigation

Shiba Inu (SHIB) Bulls Absolutely Destroyed Massive Resistance

Wed, 08/02/2023 - 12:00
article image
Arman Shirinyan
Shiba Inu (SHIB) bulls display unparalleled strength, blasting through major resistance level and raising hopes of upcoming rally
Shiba Inu (SHIB) Bulls Absolutely Destroyed Massive Resistance
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Shiba Inu (SHIB), appears to be setting up for a notable rally as it confronts a significant volume-based resistance level around the $0.00008 price mark. This comes as SHIB bulls display unprecedented strength, tearing down resistance barriers and setting the stage for further potential gains.

According to IntoTheBlock's indicator, which establishes resistance and support levels based on the average price at which tokens were bought by any address with a token balance, Shiba Inu is on the cusp of a promising rally. The principle here is straightforward: if the current price is greater than the average cost, the address is considered "In the Money," and if it is less, it is deemed "Out of the Money."

Shiba Inu

Currently, Shiba Inu's price performance is exhibiting slow, sideways movement after the breakthrough at $0.000008. The next technical resistance for SHIB is the 200-day Exponential Moving Average (EMA). If this key level is successfully breached, it is anticipated that SHIB will start moving in an uptrend.

Additionally, if SHIB can sustain its momentum and break through this resistance, the asset could potentially move toward the next resistance sector on the chart, which lies in the wide range of $0.000008 to $0.0000014. This would represent a significant increase from the current levels and could provide a compelling entry point for new investors looking to get involved in this popular meme cryptocurrency.

Bitcoin Supporter MicroStrategy Now Profitable Again

With all these factors in mind, the current situation presents an exciting opportunity for Shiba Inu (SHIB). The asset has shown resilience in recent times and managed to maintain its position amid broader market fluctuations. The newfound interest from the investment community and the potential for further gains have placed SHIB in the spotlight.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.