Shiba Inu is approaching key resistance—will bulls push it higher, or will a pullback halt the rally?
- Shiba Inu’s recent price movements affirmed a bullish edge as the bulls now eye the next resistance level. Derivates data reaffirmed this edge, but it’s crucial to monitor Bitcoin’s movement to assess the sentiment.
Shiba Inu [SHIB] has recently shown a strong bullish edge as the price climbed above the 20-day, 50-day, and 200-day EMAs. The recent symmetrical triangle breakout gave the bulls an upper hand, pushing SHIB to test crucial resistance levels.
At press time, SHIB was trading at approximately $0.0000184, up by 4.14% over the past 24 hours.
Can SHIB continue its rally?
Source: TradingView, SHIB/USDT
SHIB’s recent recovery above the 20-day, 50-day, and 200-day EMAs highlighted a strong resurgence in bullish momentum.
The recent symmetrical triangle breakout set the stage for buyers to push toward the $0.0000182 resistance level, which has now become a critical hurdle for further price gains.
A decisive close above this level could propel SHIB toward the $0.0000206 resistance in the coming sessions, where bears would likely step in to initiate a consolidation phase.
In this case, buyers can expect a sideways trajectory between the $0.0000206 and $0.0000182 range.
On the downside, immediate support was around the EMAs, which could provide a solid base for SHIB to regain its footing if it experiences a pullback.
The RSI stood well above the midline to indicate a bullish edge. A close above the 60-61 zone could pave the way for additional gains before a potential reversal from the overbought territory. Traders should also watch Bitcoin’s price action, as market-wide sentiment will likely influence SHIB’s trajectory.
Derivatives data revealed THIS
Source: Coinglass
It’s worth mentioning that the 24-hour long/short ratio for the meme coin stood at 1.0462, indicating a slight bullish bias. The long/short ratios on Binance and OKX stood at 1.0462 and 2.43, respectively.
This reaffirmed a bullish edge and showed confidence among traders in the ongoing rally.
Similarly, the trading volume for SHIB rose by over 54.32% to reach $145.10 million, which is largely a positive sign given the daily gains. Open interest also surged by 13.15%, indicating that traders are increasingly taking new positions, likely anticipating further gains in the short term.
The liquidation data indicated higher short liquidations, suggesting that bears have been forced to exit their positions. This highlights a shift towards bullish sentiment, which could further fuel SHIB’s near-term momentum.
So, a close above the $0.0000182 resistance could open up additional upside potential for SHIB, targeting $0.0000206 as the next key level. Conversely, failure to sustain momentum above the EMAs could lead to a retest of the support at $0.0000171.
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