Shiba Inu Price Explodes as FOMO Continues
Euphoria and the fear of missing out (FOMO) are driving prices in the crypto market, with Shiba Inu surging to highs above $0.00001.
Bitcoin price has been the center of attention this week, surpassing $44,000 and aiming for a breakout to $50,000 by the end of the year. Altcoins are also performing well, although they still trail behind Bitcoin in terms of dominance.
SHIB Breaks Out and Targets Higher Levels
Since breaking above a long-term descending trendline, SHIB has surged by 15.65%. The resistance at $0.0001 had previously suppressed Shiba Inu’s price.
With this barrier now behind, more buyers may enter the market with confidence that the uptrend will continue towards $0.0001. The Relative Strength Index (RSI) supports the bullish outlook as it enters the overbought region above 70.
A recent bullish cross between the 21-day Exponential Moving Average (EMA) and the 200-day EMA reinforces the bullish narrative. The next breakout could be triggered by the crossover of the 50-day EMA and the 200-day EMA.
It is crucial to have strong support above $0.00001 to sustain the gains and pave the way for further movement towards highs above $0.00002.
Shiba Inu Price Forms Cup and Handle Breakout
The Moving Average Convergence Divergence (MACD) indicator supports Shiba Inu’s gains in both the short-term and long-term time frames. A cup and handle pattern has also been validated on the four-hour chart, indicating a potential 19% move to $0.000011.
Traders who have identified the cup and handle pattern are entering new long positions above the neckline resistance, with a stop loss placed slightly below it. Profit booking may begin once the positions are profitable, but holding onto the uptrend towards $0.000011 seems favorable based on the analysis.
In case of a sudden trend reversal, support at $0.00001 will be crucial. Traders should also keep an eye on key moving averages like the 21 EMA, 50 EMA, and 200 EMA while trading SHIB.
Hot Take: Shiba Inu Continues to Surge Amidst FOMO
Shiba Inu’s price continues to skyrocket as FOMO grips the crypto market. With recent breakouts and bullish patterns, SHIB has attracted more buyers and aims for higher levels. Traders should closely monitor key indicators like the RSI and moving averages to identify potential dips or trend changes. Support above $0.00001 is crucial for sustaining the gains and paving the way for further upside movement. As the crypto market remains highly volatile, caution and strategic decision-making are essential for traders looking to capitalize on Shiba Inu’s surge.
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