2023-10-30 15:00 |
Shiba Inu (SHIB) has broken its long-term downtrend recently with an impressive rally, according to crypto enthusiast SHIB HOLDER. The meme coin is up over 11% from its September lows.
However, SHIB now faces significant resistance near the psychologically important $0.00001 level, also known as “erasing another zero.” From current prices around $0.0000079, SHIB would need a 25.5% rally to decisively break above $0.00001.
Technical analysisAccording to altFINS, SHIB is approaching tough resistance after breaking out of a falling wedge pattern. Their target of $0.0000080 (also near the 200-day moving average) was reached.
Source: altFINS – Start using it today
The key test will be whether SHIB can close above that 200-day moving average. A convincing breakout would help confirm a trend reversal to a new uptrend.
In the near term, SHIB is in an uptrend, but the medium- and long-term trends remain in downtrends. Momentum is bullish, with the MACD line crossing above the signal line and the RSI above 55.
Support zones sit at $0.0000070 and $0.0000055. Resistance zones are at $0.0000080 (previous support), $0.0000100, and $0.00001200.
The recent SHIB rally has broken the long-term downtrend, but very strong resistance sits overhead around the 200-day moving average and $0.00001 level.
Read also:
Shiba Inu Eyes 500% Gain As SHIB Bulls Take Control Dogecoin Faces Resistance at $0.07, but This DOGE Indicator Confirms a ‘Buy Signal’ October in Focus: Injective, Solana, and InQubeta Emerge as the Biggest WinnersAccording to technical analyst altFINS, SHIB bulls need to see a decisive breakout above the 200-day MA and a daily close above $0.00001 to confirm a new uptrend. If resistance holds, a move back to support around $0.0000070 is likely. Traders should watch price action closely near the 200-day MA resistance zone.
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The post Shiba Inu Looking to ‘Destroy that Zero’ – But Faces Tough Resistance at Key Level appeared first on CaptainAltcoin.
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