Home » Journal » Analyst Says ‘It’s Time to Pay Attention to SHIB’ – Highlights Shiba Inu’s Next Moves Upon Flipping This Resistance

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Analyst Says ‘It’s Time to Pay Attention to SHIB’ – Highlights Shiba Inu’s Next Moves Upon Flipping This Resistance

Rene Peters

December 13, 2023

Shiba Inu (SHIB) looks poised for a potential breakout, according to analyst CryptoBullet, with a couple key levels needing to be cleared.

On the 1-week timeframe, SHIB is making another run towards flipping the 50-week exponential moving average (EMA50) into support:

“I think it’s time to pay attention to SHIB as it’s trying to flip the EMA50 again.” Above that, a descending resistance trendline presents the next obstacle for determined SHIB bulls:

“The next big hurdle is the resistance line. Once the resistance is cleared, $SHIB could pump to the horizontal resistance ($0.0000177-0.0000210).”

Failure to overcome these technical barriers would likely lead back to testing the EMA50 from above. However, a decisive move above resistance signals a renewed uptrend, likely targeting the range highs around $0.0000210.

CryptoBullet notes that this potential bullish scenario relies on a key condition: EMA supports maintaining:

“This bullish scenario is valid as long as the price stays above the EMA50.”

So in summary, Shiba Inu appears to be facing a watershed moment in characterizing its next significant trend. Bulls want to see resistance levels strongly exceeded, confirming the macro bottom is likely in. Bears hope to see another lower high and reversal back below EMA support, indicating a continuation of the downtrend.

Read also:

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• Prominent Crypto Trader Shares Bullish Outlook on Bitcoin (BTC), Ethereum, and This ETH Alternative
• Top 3 Cryptos Set to Dominate 2024: Solana, Rebel Satoshi, and XRP

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