The crypto market is heating up, and Shiba Inu (SHIB) has shown a significant technical breakout with a 4.56% surge. This rally has pushed SHIB close to $0.00001354, which could be the first sign of breaking the recent bearish trend.
What Does This Surge Indicate for SHIB?
For a long time, SHIB was consolidating in the $0.0000122 support zone, which acted as a strong base during heavy whale outflows. Now, with this breakout, the Relative Strength Index (RSI) has moved above 50, signaling bullish momentum. Additionally, trading volume has increased, indicating growing investor confidence.
SHIB is now moving toward the 50-day EMA ($0.0000142), a crucial technical level. If it breaks and holds above this level, the next targets could be the 100-day EMA and then the psychological resistance at $0.0000160.
Risks Still Remain!
Although SHIB has shown recent gains, it is still trading below the 200-day EMA, indicating that bearish pressure remains on the higher timeframes. The market still requires caution, as failure to hold above the 50-day EMA could push prices back into sideways movement.
What Are Large Investors Doing?
On-chain data from March 20 revealed that major investors withdrew approximately 5.54 trillion SHIB from exchanges. Initially, this had no major impact, but SHIB’s price began to rise gradually. This suggests that these funds might be strategically accumulated.
All eyes are now on whether SHIB can sustain this uptrend and hold above the 50-day EMA. If it successfully breaks this level, it could trigger a strong bullish trend. However, failure to do so could result in prices remaining range-bound once again.
Conclusion
SHIB is currently showing bullish momentum, but it’s too early to determine whether this is the start of a sustained bull run or just a temporary surge. Investors should closely watch the 50-day EMA, as it could be a deciding factor for SHIB’s next move. If SHIB breaks above it, a significant rally may follow, but if it falls back, it could once again remain stuck in a limited range.
Will this bullish momentum hold, or is this just another false breakout? The coming days will decide!
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