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Shiba Inu (SHIB) on Verge of Massive Breakout

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Wed, 17/08/2022 - 11:40
Shiba Inu (SHIB) on Verge of Massive Breakout
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Shiba Inu was the biggest topic on the cryptocurrency market in the last week as memecoins got their second wind and had a massive run on the market, gaining up to 30% to their value in the matter of a day. But for now, they are actively battling with strong resistance levels that might act as trampolines in the future.

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SHIB token is currently sitting at the 200-day moving average resistance and trying to break it for the last two days. Unfortunately, the token did not immediately burst through the technical resistance and reversed back below $0.000016.

Shiba Inu chart

Unfortunately, the 200-day moving average correlates with the 50-week moving average on a longer timeframe, which makes the $0.000016 threshold even harder to break through. But if it succeeds, SHIB will most likely make a run toward the next resistance on the chart, located almost 35% above the current price level.

Such a strong rally will most likely attract more investors that will incentivize the current movement of the token, making the potential return to investors even greater.

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How's DOGE doing?

Luckily, the first memecurrency in the industry is feeling a bit better than Shiba Inu in terms of technical movement on the chart, as Dogecoin has a long way to go before facing serious resistance levels that might cause a potential reversal on the market.

The first resistance line for DOGE is the 200-day moving average, moving around the $0.1 price threshold. The dog-themed coin would need another 25% price increase to face serious issues. Unfortunately, the trading volume is hinting at a fading rally, which is why we might see a reversal back to the local support level.

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