The attention for Shiba Inu (SHIB) is gaining market with it getting close to the critical $0.00002960 resistance price. A break above this price would be a decisive breakout bringing fresh momentum for the meme-inspired cryptocurrency to break up.
If SHIB’s recent consolidation around this level is a precursor to some major move, then recent trading shows that it may be an area worth keeping an eye on. A bullish technical indicator likes the token is trading above the 100 day Simple Moving Average (SMA) giving investors a reason to be steamed.
Shiba Inu RSI Surpasses 50%, Boosting Buying Pressure
Relative Strength Index (RSI) has risen above 50% level standing today at 53%; this means that buying pressure is increasing. This means that generally, when the RSI is higher than 50 it means that buyers are now on the top of the heap, which opens the doors for price to move higher.
If SHIB can break through above $0.00002960 resistance, then analysts say it could begin to chart towards its next resistance of $0.00003346. That breakout would almost certainly draw buyers in and boost trading volume, making sentiment in the market more positive.
The issue, however, still looms large. If we fail to clear the resistance level with enough momentum, there will be either a pullback, or prolonged consolidation. SHIB might face retest lower support areas and dampen the investor’s optimism in the short term.
If SHIB can last, and if market watchers notice high trading volumes whilst the RSI trajectory is up, then it is possible we could have seen the beginning of the real recovery. A breakout here would confirm bullish control, a lack of follow-through would be a sign of a short lived uptrend.
The success (and failure) of Shiba Inu resonates throughout the broader cryptocurrency market as it weighs the external factors impacting macroeconomic conditions and the sentiment of traders. If SHIB is able to clear the $0.00002960 hurdle, the current height can be the beginning of a new step of development for the token, which promises to become a chief standard of excellence in the crypto space.
Since Shiba Inu follows the market’s trend, investors and traders will want to wait for a breakout confirmation and then place themselves to the next move after confidence.
