Shiba Inu Breaks Above Long-Term Resistance
Shiba Inu (SHIB) has finally cleared an important technical hurdle, pushing above its long-term resistance level. This move comes after months of struggle for the cryptocurrency, which had been capped by this very same barrier since the summer.
The current price of SHIB is around $0.00000571, with an intraday high reaching approximately $0.00000579. The crucial development here is that SHIB has interacted with its long-term moving average on the daily chart and pushed marginally above it.
This achievement puts the market in a position to confirm a broader trend change, as indicated by the rest of the moving-average structure. SHIB currently trades above its shorter moving averages clustered around $0.00000505-$0.00000525, while those averages have started turning upward.
The Relative Strength Index (RSI) has climbed above 60 but remains below overbought territory, giving the breakout some room before momentum becomes excessively stretched. However, there are concerns regarding increasing exchange deposits, which may create additional supply-side pressure precisely as SHIB tests an important resistance level.