Shiba Inu (SHIB) recently had a strong breakout, taking the price to its highest level in the past five months. This 36% increase has fueled optimism for the popular meme cryptocurrency, although the possibility of a correction from profit-taking investors remains a potential risk.
This rally has brought new confidence to the SHIB community, but sustainability is key to determining its next steps.
Shiba Inu Sees Optimism
The 36% increase in Shiba Inu prices in the past 24 hours has resulted in a bullish “Golden Cross” pattern. The 50-day EMA (Exponential Moving Average) has crossed above the 200-day EMA, reversing the impact of the “Death Cross” three months ago. This pattern has historically marked a turnaround, ending SHIB’s recent difficulties and hinting at further growth potential for this Meme Coin.
The Golden Cross is an important technical signal, as it often attracts interest from new investors and strengthens existing bullish sentiment. If this upward momentum holds, the Shiba Inu could maintain its upward trend. However, Meme Coin Coin will need strong support from market participants to navigate potential pressure from profit-taking, as well as resistance at key price levels.
On a broader scale, Shiba Inu macro trends reflect caution. The current distribution of active addresses shows that approximately 30% of SHIB Holders are profitable.
These investors often tend to sell more, which can affect the price of the coin if heavy selling pressure arises. This profit-taking trend could pose a challenge to SHIB’s recent growth trend and limit its ability to maintain the upward momentum.
Although a bullish trend has been established, the sustained growth of Shiba Inu depends on widespread investor confidence and the ability of long-term holders to maintain their positions. If selling exceeds buying pressure, Meme Coin could face stagnation, especially as it approaches resistance levels.
SHIB Price Forecast: Challenges Ahead
Currently trading at $0.00002583, the Shiba Inu’s recent price activity reflects widespread market optimism. This Meme Coin is looking at a move to $0.00002976, a key resistance level. If SHIB can turn this resistance, it could reach $0.00003000, a psychologically important price target that would further strengthen its position.
However, the $0.00002976 level has long been a difficult barrier, tested multiple times in the past without a successful breakout. If SHIB encounters resistance at this point again, it could return to $0.00002267, erasing some of its recent gains. This pullback will be a test of the currency’s durability and investor psychology.
A further decline below $0.00002267 could invalidate the current bullish outlook, leading to further losses. This change would mark a likely end to the bull run, sparking caution from investors and could lead to lower trading levels for the Shiba Inu.
