Strong momentum in the asset's price action is indicated by Shiba Inu's notable 30-day high. Investors have taken notice of this upward trend, and many are now speculating about whether SHIB can continue to rise and possibly reach its all-time high (ATH). The chart displays SHIB maintaining an upward trend that began in mid-October by rising above a significant trendline support.
The buying volume has noticeably increased, supporting the bullish sentiment surrounding SHIB and indicating sustained interest from market participants. A resistance level of about $0.00001900 is currently confronting SHIB. If the asset wishes to keep up its upward momentum, it must break above this zone that has historically served as a barrier preventing SHIB from making additional gains. SHIB might pave the way for higher levels and inspire hope for a possible approach to its ATH if it can break through this resistance with significant volume.
SHIB/USDT Chart by TradingView
If this resistance is not overcome, the market may retreat to its support levels, which are located around the 50-day moving average. Because investors are feeling relieved, the larger cryptocurrency market is also beginning to grow. Political uncertainty has decreased as a result of the recent U.S. midterm elections, and investors appear to be more willing to take on risk. Because many people anticipate that the market will continue to rise after a significant geopolitical event, this derisking environment has produced favorable conditions for assets like SHIB.
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SHIB must sustain its volume and decisively break above local resistance levels if it hopes to carry on with this rally and build on its recent gains. If that occurs, SHIB may enter a new stage of growth and possibly reach significant levels not seen since its most recent bull run. However, traders should keep an eye out for indications of waning momentum at resistance levels, as these could portend a brief halt or correction. SHIB has shown encouraging recent performance overall, but a sustained breakout will be required to validate the path toward its ATH.
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