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Shiba Inu is showing signs of a reversal after a week of descending performance. The death cross formation is certainly providing even more pressure to the asset and might become an issue. Luckily, if the 26 EMA breakthrough happens, things might become marginally better.
The asset is now getting close to the 26-day EMA, which will act as a test of its short-term price trajectory and its first significant resistance level on its way up. Concerns regarding the future price of SHIB were first raised by the death cross, which is one of the most common and somewhat scary patterns on the market. These bearish signals, however, have been defied by the recent upward trend, which raises the possibility that market sentiment is changing.
The price of SHIB is currently at $0.000016, and trading volume has significantly increased. This rise in volume frequently denotes increased market activity and may portend a possible retracement soon. Currently, the first significant resistance for SHIB is the 26-day EMA, a crucial technical level. The bullish narrative may be strengthened and additional gains may be possible if the price is able to break through this barrier.
Arman ShirinyanAs the price of SHIB gets closer to this crucial point, traders are keeping a careful eye on it. Whether the recent upward trend is sustainable or whether the asset experiences fresh selling pressure will probably depend on the result of this resistance test. The increasing volume also introduces another level of complexity because it may signal traders taking profits or support a breakout.
The possibility of a 26 EMA breakthrough would become an important test of the current trend's strength, coming closer to the 26-day EMA. Shiba Inu's ability to sustain momentum will more likely change the sentiment among investors and provide more upside for the asset.
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