The crypto winter is ending for Shiba Inu as bullish chart structure leaves SHIB poised to take off!
A steady growth away from a deep rounded-bottom pattern has seen the SHIB army push a substantial 60% gain so far in 2023.
Wednesday's Fed meeting saw Powell promise 'data driven' decision making that encouraged traders. But despite a bullish week across markets, this sentiment has done little for SHIB. Current price hovers astride resistance levels at $0.00001249.
Some media pundits had raised concern that the bullish momentum behind Shiba Inu's climb had exhausted. Others even predicted a lower slide.
Our analysts disagree. Price action as we approach the weekend sings a different tune. Afterall, it is not uncommon for Altcoins to experience a 'lag effect' behind macro trends.
SHIB bulls have engaged in a 10 day battle, facing intense resistance at $0.000012. Despite 4 major green wicks, price has continued to sit fearful of breaking higher.
But a strong bounce testing the 200-Day MA (lower support trend) on Thursday has given a much-needed boost.
Price action today has rocketed upwards through the resistance at $0.000012. A strong reaffirmation of the bullish pendant depicted by current movements.
Exciting talk around the release of highly-anticipated ecosystem Layer-2 Shibarium (now in beta testing) could give bulls the news they need to push higher into breakout territory,
Shibarium will enable faster and cheaper transactions. This will enable significantly more development in the Shiba ecosystem - with special interest surrounding the opening of avenues for a competitive DEX offering.
A breakout here could be likely, the Bollinger bands are tightening. Rallies from this level have a few local points of reference to informRead more on cryptonews.com