SHIB Surges On Bullish Breakout: Here’s What Traders Should Know

In a recent technical analysis of altFINS, Shiba Inu (SHIB) has shown promising signs of a bullish trend reversal. The popular meme cryptocurrency has been spotlighted for its recent breakout from an Ascending Triangle pattern, a well-regarded continuation pattern in technical analysis.

Bullish Breakout Confirmed

The Ascending Triangle, typically recognized as a continuation pattern, suggests that the asset will likely break out toward the existing trend. In the case of SHIB, this breakout was notably bullish. The breakout was further solidified when the price surpassed the $0.000010 resistance level and the 200-day Moving Average. Both these indicators are often used by traders to confirm trend reversals, and in this instance, they have indicated a shift to an uptrend for SHIB.

While most traders typically wait for a breakout from such patterns, swing traders can trade between the trendlines. This strategy involves buying at the support levels and selling at resistance, especially when the trendlines are relatively distant. It’s a tactic that can yield significant returns, especially in volatile markets.

Trend Analysis

On a short- and medium-term basis, SHIB is now in an uptrend. However, it’s essential to note that on a long-term basis, the trend remains bearish. This distinction is crucial for traders and investors who operate on different time frames, as short-term traders might see opportunities that long-term investors would avoid.

Further adding to the bullish narrative, momentum indicators for SHIB are looking positive. The Moving Average Convergence Divergence (MACD) line has moved above the MACD Signal Line, a bullish sign. Additionally, the Relative Strength Index (RSI) is above 55, indicating growing bullish momentum.

Trade on US-Banned Exchanges With No KYC 🀫

Tired of missing hot new listings because your favorite exchange is banned in the US? πŸ‡ΊπŸ‡Έ

With RocketXchange you can finally trade on Kucoin, ByBit and more without registration or KYC! πŸ™Œ

Simply connect your wallet to access every coin. No VPN needed.

Seamlessly bridge between EVM, Solana, Cosmos and 100+ chains. Discover the next crypto gem with low fees.

Take your trading to the next level with:

  • Instant access to banned CEXs 🚫
  • No KYC required πŸ™…β€β™‚οΈ
  • Trade on your terms – no registration required
  • Maintain full custody – tokens stay in your wallet
  • Access liquidity across leading DEXs and CEXs
  • Bridge assets quickly between any blockchain

Escape CEX limits today with RocketXchange!

Show more +

Support and Resistance Levels to Watch

As SHIB continues its upward trajectory, traders should know the key support and resistance zones. The nearest support zone is at $0.0000080, a previous resistance level. Following that, the next significant support lies at $0.0000055. On the upside, having broken the $0.0000100 resistance, SHIB is eyeing the $0.00001200 level next.

In conclusion, the recent technical patterns and indicators suggest a bullish phase for Shiba Inu. As always, traders and investors are advised to conduct their research and consider their risk tolerance. With the insights provided by altFINS, those interested in SHIB have a clearer picture of the current market dynamics.

We recommend eToro

74% of retail CFD accounts lose money.
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy thetrades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Tags:

Maxwell Mutuma
Maxwell Mutuma

Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

We will be happy to hear your thoughts

Leave a reply

CaptainAltcoin
Logo