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Shiba Inu (SHIB) Price Breaches $0.00001 Resistance, Up 20%

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Wed, 6/12/2023 - 9:42
Shiba Inu (SHIB) Price Breaches $0.00001 Resistance, Up 20%
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Shiba Inu (SHIB) has finally achieved a significant milestone by breaking through the long-desired $0.00001 resistance level. This barrier has been the reversal point for the SHIB/USDT chart throughout the year, as surpassing it has been akin to reaching the peak of its local rallies.

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This breakthrough is particularly notable because it marks the third time SHIB has reached these price levels. Unfortunately, the previous two occasions were met with swift and substantial reversals, leading to considerable losses in value. The pattern seemed almost cyclical: a surge to the $0.00001 level, followed by a sharp decline, leaving investors in the lurch.

SHIBUSDT
SHIB/USDT Chart by TradingView

However, current market conditions paint a different picture. The cryptocurrency landscape is experiencing its first bullish phase of 2023, which could provide a solid foundation for Shiba Inu's sustained growth in the new year. 

Analyzing the price chart, we observe a decisive upward trend, with the price of SHIB ascending within a rising channel pattern, and it might even break its upper border, which should significantly increase the momentum. 

The cryptocurrency has just broken above a long-term resistance level, which it has tested multiple times throughout the year. The Relative Strength Index (RSI) shows readings that are high but not yet in overbought territory, suggesting there could still be room for upward movement before any significant pullback.

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The moving averages (MA) are aligning in a bullish configuration, with shorter MAs crossing above longer ones, hinting at a potential golden cross formation in the near future. Such a cross would further bolster confidence in SHIB's positive trajectory.

Yet caution is advisable as history has shown us that SHIB's encounters with this price level have often led to sharp corrections. Investors should be looking for signs of stability and the establishment of the support above the $0.00001 threshold to confirm the breakout's validity.

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