Shiba Inu’s breakout above the 200 EMA signals a strong reversal of its previous long-term downtrend pattern.
The RSI near 78 highlights overbought conditions that could prompt short-term profit-taking or price consolidation.
A golden crossover of the 50 and 100 EMAs supports the potential for sustained bullish momentum if support holds.
Shiba Inu (SHIB) has continued its recent bullish momentum by breaking through key resistance levels and closing at $0.00001548. This breakout occurred above the 200-day Exponential Moving Average (EMA), which previously marked a significant barrier. The move also confirmed a reversal from the broader downtrend, signaling a shift in market sentiment.
Notwithstanding the strength in price, the Relative Strength Index (RSI) is at 78, which is way in overbought territory. In the past, the market has experienced sideways or short-term corrections that have been preceded by RSI values greater than 70. This is an indication that the recent rally might be opposed by short-term profit taking or closing down by traders.
Approaching the Previous Support Turned Resistance Zone
SHIB is now nearing a previously important support range between $0.000016 and $0.000017, which had triggered a breakdown in March. This area could now serve as a psychological resistance level, where profit-taking is likely to increase. This shift makes the zone critical for determining whether the asset can maintain upward momentum or retreat to lower levels.
The 50-day and 100-day EMAs crossover has yet to reinforce the argument of long-term appreciation in the midterm. This is a technical signal, traditionally considered a bullish signal that favors further upside, provided SHIB stays above the value of $0.000014. The turnaround would be cemented by a successful retest of this level, and that would bring in more volume.
Pay Attention to Retest of Major Support Zones (Volume Decreases)
In case of a poor buying thrust and a decrease in the trading volumes, SHIB may bounce back to the region around the price of about $0.000014 or even touch the support of the price at the rate of about $0.000013. This would enable the RSI to return to neutral ground and possibly provide a better foundation for another upward trend. The next price action is most likely going to be characterized by these levels.
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