Dog-themed cryptocurrency Shiba Inu (SHIB) is nearing a significant price movement, with potential 50% gains if it breaks a key resistance level. Shiba Inu has gained 2.88% in the last 24 hours, trading at $0.0000178. If today closes positively, it will mark SHIB’s fourth consecutive day of gains.
Notably, SHIB has enjoyed positive momentum since the weekend, steadily climbing after rebounding from Friday lows of $0.00001578. This extended rebound has brought SHIB to a nearly three-week high. Bulls are now targeting higher resistance levels, aiming for up to 50% gains. However, SHIB is currently facing significant resistance, posing challenges to this upward movement.
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Key Resistance Range
The recent price surge has brought SHIB to a critical range. Breaking past this key resistance level could lead to substantial gains. According to IntoTheBlock data, 422.56 trillion SHIB are held by 36,730 addresses within the range of $0.000017 to $0.000019, with an average price of $0.000018.
Source: IntoTheBlock
The enormous volume of SHIB held at this level acts as resistance. Many of these addresses might sell once the market price reaches their average cost, aiming to break even. This selling pressure creates a resistance level, potentially hindering a continued price increase in this range.
Broader Market Sentiment
In the coming days, the overall sentiment of the broader crypto market will be crucial. A rising tide lifts all boats, and a bullish trend in major cryptocurrencies like Bitcoin and Ethereum often positively impacts altcoins like SHIB. Therefore, traders should closely monitor the broader market trends.
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Additionally, traders should pay attention to the impending moving average crossover on SHIB’s daily charts, which could define SHIB’s short-term price movement. A successful crossover might provide the momentum needed to break the resistance range and push SHIB higher. Shiba Inu (SHIB) is on the verge of a potential 50% gain if it can break through a significant resistance level.
The recent positive momentum, combined with the broader crypto market trends and technical indicators, will play a crucial role in determining SHIB’s price movement in the short term. Traders should stay vigilant and monitor these factors closely.
