After much anticipation, Shiba Inu (SHIB) has finally broken past the long-desired $0.00001 resistance level, marking a momentous milestone. Over the course of the year, this barrier has served as the SHIB/USDT chart’s reversal point, and breaking over it has been comparable to hitting the pinnacle of its regional rallies.
This milestone is especially noteworthy because it represents SHIB’s third pricing level attainment. Sadly, there were quick and significant reversals on the prior two instances, which resulted in significant value losses. An initial spike to the $0.00001 level was followed by a precipitous fall that left investors in the dust. This trend appeared to be practically cyclical.
But the state of the market right now presents a different image. The cryptocurrency market is now going through its first bullish phase of 2023, which may offer Shiba Inu a strong platform for continued growth in the upcoming year.
The price of SHIB is increasing within a rising channel pattern, and it may even breach its upper boundary, which would greatly enhance momentum, according to our analysis of the price chart.
The cryptocurrency has just surged over a level of long-term resistance that it has repeatedly challenged this year. The Relative Strength Index (RSI) indicates that there may yet be opportunity for upward advance before any meaningful downturn, with values that are high but not yet in overbought area.
Shorter moving averages (MAs) are crossing over longer ones in a bullish setup that suggests a golden cross formation may occur soon. A cross like that would increase trust in SHIB’s upward trajectory.
However, historical data indicates that SHIB’s interactions with this price level have frequently resulted in significant corrections, so care is advised. To verify the veracity of the breakthrough, investors should be watching for indications of stability and the installation of the support above the $0.00001 level.
