Shiba Inu (SHIB) looks to be preparing for a big move as it approaches a major volume-based resistance level around $0.00008 in price. This occurs as SHIB bulls show off their extraordinary strength, shattering opposition and paving the way for more possible gains.
Shiba Inu is poised for a possible rise, per IntoTheBlock’s indicator, which determines resistance and support levels based on the average price at which tokens were purchased by each address having a token balance. The idea behind this is simple: an address is regarded as “In the Money” if the current price is higher than the average cost, and as “Out of the Money” if it is lower.
Shiba Inu’s price performance is now moving slowly and laterally following the breakthrough at $0.000008. The 200-day Exponential Moving Average (EMA) represents the next key resistance level for SHIB. In the event that this critical level is effectively broken, SHIB is expected to begin rising.
Furthermore, the asset may go towards the next resistance sector on the chart, which is located in the broad band of $0.000008 to $0.0000014, if SHIB can maintain its momentum and overcome this obstacle. This might offer a tempting entry point for new investors wishing to participate in this well-liked meme cryptocurrency, since it would be a big boost from the current levels.
Considering all of these aspects, Shiba Inu (SHIB) has an amazing chance right now. Recently, the asset has demonstrated durability and kept its position despite larger market changes. SHIB is now in the limelight due to the increased attention from the financial community and the possibility of more profits.
