Highlighting the Importance of Shiba Inu (SHIB) Breaking a Major Resistance Level
According to recent analysis, Shiba Inu (SHIB) has been following a downward trend line since early June, consistently testing this resistance without successfully breaking through.
As per the latest data, Shiba Inu is trading just below this trend line at $0.00001765, showing a slight upward movement indicative of a potential breakout attempt.
Potential Breakout:
Should SHIB manage to break through this trend line, it could lead to a significant upward movement. The recommended strategy involves purchasing SHIB/USDT with 10x leverage upon confirmed breakout. This approach leverages common market behavior, where breaking long-term resistance often results in substantial price increases. Currently, SHIB is priced at $0.00001762. Despite a 1.75% increase over the past 24 hours, Shiba Inu has seen a 6.03% decline over the past week.
Bull and Bear Analysis:
From September 2020 to May 2024, there was a relatively balanced distribution between bullish and bearish traders. During the 2021 uptrend, there was a notable increase in bullish addresses, indicating a significant number of large addresses buying Shiba Inu. However, post-2021, the chart reveals a rise in bearish addresses with price corrections. From 2022 to early 2023, the market showed stability with a balanced distribution between bulls and bears, indicating consolidation. Recent activity in 2023-2024 suggests a slight increase in bearish addresses due to the decline in SHIB’s price.
Read more Shiba Inu’s Long-Term Vision: Promising Future Amid Price Volatility
Additionally, this analysis is placed within the context of SHIB, Solana, and Cardano on a daily timeframe.
Recent Market Signals
Ali Martinez, an on-chain analyst, noted that the TD Sequential indicator recently showed buy signals. This signal emerged after market turbulence led most altcoins to new multi-week lows. For SHIB, this resulted in a bottom at $0.00001642, marking a 38% drop from its June 5 peak. Technical indicators suggest that patient investors might see this as a prime buying opportunity, anticipating a significant rebound.
Important Notice: The content presented in this article is intended for informational purposes only and should not be interpreted as financial advice. Coinshibainu.com bears no responsibility for any investment decisions made relying on the information contained herein. It is highly recommended to consult with a qualified expert or financial advisor before making any investment decisions.
