Following Dogecoin (DOGE), Shiba Inu (SHIB), the second-largest meme token by total market value, is showing signs of reawakening. Despite a modest 7% increase in the past seven days, SHIB lagged behind its competitors in the last 24 hours.
Is a Bull Run on the Horizon for SHIB?
SHIB, one of the first names that come to mind when speaking of meme tokens, is currently embarking on a crucial journey towards significant resistance. Reaching the 21-day EMA point is a key milestone for SHIB. Moreover, it’s highly probable that SHIB’s rally will continue.
Seen as a Dogecoin killer, SHIB has made more noise than DOGE with its additional projects launched in the market, yet it hasn’t been able to maintain a higher price. With other crypto projects like LEASH and BONE, SHIB has attracted attention and even managed to get them listed on exchanges. These overall ecosystem expansions could be crucial for SHIB in the long term.
The next crucial resistance for SHIB is at the 50-day EMA point, which corresponds to $0.000008. SHIB rose to $0.00000734 with a 2% increase within 24 hours, which appears to be its first target. This level has previously created serious buying pressure, and it is likely to attract more buyers to the market.
The Most Critical Level for SHIB Coin
The third and ultimate resistance is known as the 200-day EMA, which is both a technical and psychological resistance for SHIB at the $0.00001 level. This specific EMA is typically seen as a determinant of long-term trends, and the situation here is critical for SHIB investors. A successful ascent above this resistance could signify a long-term rally for SHIB. Moreover, a long-term rally for SHIB could also indicate an altcoin rally in general.
However, the said rally may not be as straightforward and clear as it might seem. Each possible target could bring significant profit-taking, gradually pulling the price down. Therefore, selling at specific points could also benefit SHIB investors. Currently, the crypto sector appears greener than ever.
