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.
Shiba Inu could be on the verge of facing a substantial price increase as the market enters a wave of recovery. At the current stage, SHIB might regain some strength and even exit the $0.00001 price range, which is the beginning of the "erasing zero" goal for the foreseeable future.
With a current price of $0.00001814, Shiba Inu appears to be on the verge of a positive turnaround. The 50 EMA at $0.00001756 is just one of the major support levels that the token has successfully climbed above.
The 100 EMA and the 200 EMA are the next resistance levels that SHIB is aiming for. This upward movement suggests possible bullish momentum. SHIB is in an upward trend, as seen by the daily chart, and the price is making an effort to break out of its recent downward trend.
With the RSI at 53, there is still potential for additional upward movement before the asset is overbought. The bullish view is further supported by the increase in trading volume, which indicates that more investors are entering the market and pushing prices higher. It is likely that SHIB will gain from the general optimism on the cryptocurrency market.
Arman ShirinyanShiba Inu and other altcoins tend to trend along with the market's overall recovery. By breaking out of the $0.00001 price range, SHIB may be able to achieve its long-term objective of erasing a zero as a result of this increasing optimism.
Large transaction volume and overall trading volume have increased, according to IntoTheBlock's on-chain data, suggesting that SHIB is becoming more popular and active. This increase in on-chain metrics, which shows that the token is becoming more widely used and adopted, frequently signals big price changes.
The 200 and 100 EMAs will be important resistance levels to keep an eye on. If these levels are successfully broken above, it may open the door to additional gains and strengthen the bullish trend.
Alex Dovbnya
Valeria Blokhina