#Shiba
Trade now . . . ๐๐๐โคโคโค๐๐๐๐โคโค
๐๐๐๐๐ ๐๐ฃ๐ช ๐๐ง๐๐๐ ๐๐ฃ๐๐จ 7-๐๐๐๐ ๐ฟ๐ค๐ฌ๐ฃ๐ฉ๐ง๐๐ฃ๐ ๐ผ๐๐ฉ๐๐ง ๐๐๐๐ก๐๐จ ๐ฝ๐ช๐ฎ 1.6 ๐๐ง๐๐ก๐ก๐๐ค๐ฃ ๐๐๐๐ฝ โ 40% ๐๐๐ ๐ ๐ผ๐๐๐๐?
Shiba Inu (SHIB) has made an impressive breakout from a seven-week downtrend as most crypto prices recovered due to alleviated geopolitical tensions. Shiba Inu price trades $0.0000117 today, June 24, with an 8% gain in 24 hours, while daily trading volumes stood at $221 million. These gains have also coincided with a 1.6 trillion SHIB buy by whales. As bullish signs align, can SHIB price rally by 40% to the key resistance level
Shiba Inu price has been on a steep downtrend in the last seven weeks as sellers dominated the price action. However, it has now broken out of this downtrend, marking the major bullish shift for the top meme coin since early May. The breakout suggests that the bearish momentum is finally weakening and short-term bullish interest is returning to aid a recovery.
While this breakout is significant for SHIB, the strength of bulls will only be confirmed if the price can break above the 50-day SMA level of $0.0000134. A strong move above this will confirm that the trend is favoring buyers and traders chasing profits from short-term bullish rallies.
However, for Shiba Inu price to kickstart a long-term bullish trend, it first needs to flip resistance at the 200-day SMA level of $0.000016. If it gets to this moving average, it will have surged by nearly 40% from the current price.
The RSI indicator that remains within bearish territory indicates that buying pressure after the breakout from the descending parallel channel is weak. Until this indicator crosses above 50, SHIB remains at risk of a crash into the descending parallel channel to continue its descent.
