Shiba Inu (SHIBUSD) Experiences an Aggressive Bullish Momentum
Estimated Reading Time: 2 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Price Analysis: SHIBUSD Bullish Trend Faces a Slight Pullback as it Prepares to Resume its Bullish Trend
SHIBUSD has experienced a decisive shift in momentum as the longstanding bearish trendline was breached, marking a potential reversal from its prolonged downtrend. Previously, the price of SHIBUSD had been in a sustained bearish movement since forming a major high at the $0.00002640 supply level. During the downtrend, SHIBUSD breached the $0.00001620 level, before finding a temporary base at $0.00001230, where the decline halted, and price entered a consolidation phase.
Shiba Inu Key Levels
Demand Levels: $0.00001620, $0.00001230
Supply Levels: $0.00002020, $0.00002640
The consolidation led to a notable bullish expansion that pushed SHIBUSD to a new high at $0.00002020. This breakout was accompanied by the formation of a large bullish candlestick, which suggests a significant shift in overall market sentiment from bearish to bullish.
From a technical standpoint, the breach of the trendline resistance coupled with the strong bullish move indicates a change in the underlying market structure. This transition is further validated by both the daily and 4-hour Moving Averages, which show that SHIBUSD is trading above these indicators, reinforcing the bullish stance.
After reaching the $0.00002020 level, SHIBUSD encountered a brief pause, suggesting a minor retracement as sellers temporarily stepped in. However, the ongoing retracement is expected to be shallow, given the heightened buying pressure and the aggressive stance of buyers in the market.
Market Expectation
As the bullish trend resumes, the next significant resistance to watch is the previous major high at $0.00002640. A successful break above this level would confirm a complete trend reversal and open the path for further upside potential.
You can purchase Lucky Block here. Buy LBLOCK
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
