• 22 June, 2024
Market News

Is SHIB Token About to Break Out? Expert Insights

Shiba Inu’s SHIB token has recently shown signs of breaking its provisional downtrend. Traders and enthusiasts are closely monitoring its performance as highlighted by crypto trader army_shiba’s analysis of its 4-hour chart. 

Notably, the SHIB token at the time of the analysis traded at $0.00000920, marking a 1.55% increase. Moreover, this development is encapsulated in a blue rectangle on the 4-hour price chart, capturing the attention of investors.

Additionally, a descending trendline highlights the short-term downtrend, drawn from connecting lower highs. However, the latest price action nears this trendline, hinting at a potential breakout. This situation indicates a pivotal moment for SHIB. Hence, the market’s anticipation is palpable, with many awaiting a decisive move.

https://twitter.com/army_shiba/status/1755521730586505396

Supporting this, a dotted line suggests a significant support level at $0.00000800. This level holds historical importance, possibly indicating past resistance or support. Besides, the volume indicator, although lacking specific numbers, plays a crucial role in understanding market conviction behind these movements.

Significantly, the analysis mentions a “20 close 5 SMA,” pointing towards a 5-period Simple Moving Average. Yet, the absence of the actual SMA line on the chart adds to the suspense. This detail, however, does not deter from the overall trend analysis, which suggests an immediate uptrend within a larger downtrend.

Moreover, the latest price data adds to the narrative. Shiba Inu’s value is at $0.000009, with a trading volume of $145,334,437 over the past 24 hours. The token has experienced a 3.64% uptick in value during this period. This update fuels the optimism surrounding SHIB’s potential breakout from its downtrend.

SHIB price chart Source: CoinMarketCap

Consequently, the community is on high alert as traders look for a breakout above the trendline to confirm a trend reversal. Conversely, a rejection could signal a continuation of the downtrend, potentially retesting the support level. Hence, the coming days are crucial for SHIB’s market trajectory.

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