Has the Bull Journey Started for SHIB?
SHIB, one of the prominent meme tokens, has embarked on a critical journey and is approaching a significant resistance level. It is crucial for SHIB to break through the 21-day EMA point. Additionally, it is highly probable and likely for SHIB to continue its rally.
Regarded as the Dogecoin killer, SHIB has gained more attention than DOGE with the introduction of additional projects. However, it has not yet been able to sustain a higher price level. SHIB has made waves with additional cryptocurrency projects like LEASH and BONE, even facilitating their listing on exchanges. With this overall ecosystem growth, SHIB could potentially hold critical importance in the long term.
The next critical resistance level for SHIB is at the 50-day EMA point, which corresponds to 0.000008 dollars. SHIB has seen a 2% increase in the past 24 hours, reaching as high as 0.00000734 dollars, and it appears that this level is its initial target. This level has previously created significant buying pressure, and it is likely to attract more buyers.
The Most Critical Level for SHIB Coin
The third and ultimate resistance is known as the 200-day EMA. The 0.00001 dollar level is a technical and psychological resistance for SHIB. This specific EMA is known for determining long-term trends, and the situation for SHIB investors at this level is crucial. A successful breakout above this resistance would signify a rally for SHIB in the long term. Additionally, a long-term rally for SHIB can be seen as a broader altcoin rally.
However, this rally may not be as straightforward and direct as anticipated. Each potential target can bring significant profit-taking, causing the price to gradually decline. Therefore, taking profits at specific points can also be beneficial for SHIB investors. Currently, the cryptocurrency sector is looking greener than ever.
