Shiba Inu Looking to ‘Destroy that Zero’ – But Faces Tough Resistance at Key Level

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.

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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.

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Felix Küster
Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.