Shiba Inu is currently striving to break through the resistance level ranging from $0.000027 to $0.000028 in order to gather enough momentum for a potential surge towards $0.000036, as indicated by TradingView analyst Crypto Paradise. Following its dip below the yearly high of $0.000045, SHIB has struggled to establish a clear trend direction. Notably, the correction experienced by Shiba Inu in March extended until late April before stabilizing around the $0.00004 and $0.00003 marks.
The ongoing battle between bulls and bears has seen SHIB facing resistance at the $0.00002 level, with hopes of reclaiming the $0.00003 price range. Crypto Paradise highlighted these challenges on the 12-hour chart, noting that Shiba Inu has been trading within an ascending triangle pattern since its recovery from the low of $0.00001830 on April 13.
The analyst’s chart reveals a shift from a bullish to a bearish momentum on April 12 when SHIB dropped below the support level below $0.00002366. Despite attempts to reverse this trend, broader market uncertainty has hindered SHIB’s progress.
However, with Bitcoin (BTC) recently surpassing $70,000, Shiba Inu has capitalized on this upward trend, witnessing a 7.8% spike in the last 24 hours and currently trading at $0.00002580 after surpassing the crucial $0.000025 level.
In order to shift the momentum from bearish to bullish, Shiba Inu must break through the $0.000027 threshold, with the next resistance anticipated between $0.000027 and $0.000028. However, data from IntoTheBlock suggests significant resistance between $0.000026 and $0.000030, with a large number of addresses holding a substantial amount of SHIB, posing a challenge for bullish movement.
Crypto Paradise believes that surpassing the $0.000028 level, within this resistance wall, could mark the beginning of a bullish trend, potentially leading SHIB to reach $0.000036. This milestone could set the stage for a rally towards $0.00004, marking a significant recovery from the price collapse earlier in March.
Disclaimer: This article provides informational content and should not be considered financial advice. The opinions expressed are those of the author and not necessarily reflective of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic is not liable for any financial losses incurred.