Shiba Inu (SHIB) has broken its long-term downtrend recently with an impressive rally, according to crypto enthusiast SHIB HOLDER. The meme coin is up over 11% from its September lows.
However, SHIB now faces significant resistance near the psychologically important $0.00001 level, also known as “erasing another zero.” From current prices around $0.0000079, SHIB would need a 25.5% rally to decisively break above $0.00001.
Technical analysis
According to altFINS, SHIB is approaching tough resistance after breaking out of a falling wedge pattern. Their target of $0.0000080 (also near the 200-day moving average) was reached.
Source: altFINS – Start using it today
The key test will be whether SHIB can close above that 200-day moving average. A convincing breakout would help confirm a trend reversal to a new uptrend.
In the near term, SHIB is in an uptrend, but the medium- and long-term trends remain in downtrends. Momentum is bullish, with the MACD line crossing above the signal line and the RSI above 55.
Support zones sit at $0.0000070 and $0.0000055. Resistance zones are at $0.0000080 (previous support), $0.0000100, and $0.00001200.
The recent SHIB rally has broken the long-term downtrend, but very strong resistance sits overhead around the 200-day moving average and $0.00001 level.
Read also:
- Shiba Inu Eyes 500% Gain As SHIB Bulls Take Control
- Dogecoin Faces Resistance at $0.07, but This DOGE Indicator Confirms a ‘Buy Signal’
- October in Focus: Injective, Solana, and InQubeta Emerge as the Biggest Winners
According to technical analyst altFINS, SHIB bulls need to see a decisive breakout above the 200-day MA and a daily close above $0.00001 to confirm a new uptrend. If resistance holds, a move back to support around $0.0000070 is likely. Traders should watch price action closely near the 200-day MA resistance zone.
Join and Get 10k Tokens FREE!
Engaging community with games and crypto incentives
Integrated platform with GameFi and NFT functionalities
Simple interface that’s easy for new users to explore crypto gaming