Cryptocurrency expert Lalit has pointed out that for Shiba Inu to experience a significant surge, it must overcome the crucial resistance level pegged just above $$0.00001765$$. The current market climate indicates an even split in sentiment.
In a recent analysis, Lalit underscored the pivotal moment awaiting Shiba Inu (SHIB), which has been grappling with a resistance level that has held since the beginning of June. Despite numerous attempts, SHIB has yet to close above this threshold. Presently, Shiba Inu’s trading value hovers slightly below the resistance line at $$0.00001765$$, hinting at an impending breakout effort.
**Prospects of an Upsurge**
Lalit posits that a successful breach of this resistance could catalyze a notable price rally. He advises traders to consider a long position in SHIB/USDT with tenfold leverage once the breakout is confirmed. This strategy is grounded in the observed market pattern where overcoming a persistent resistance typically leads to a marked price escalation. At the moment, SHIB’s valuation stands at $$0.00001762$$. Despite a modest 1.75% uptick in the past day, the week has seen a 6.03% downturn for Shiba Inu.
**Market Sentiment Analysis**
Data from IntoTheBlock reveals a balanced tug-of-war between optimistic and pessimistic market players from September 2020 up until May 2024. The bullish phase of 2021 witnessed a surge in optimistic investors, as evidenced by a spike in substantial Shiba Inu acquisitions.
*Shiba Inu Market Sentiment | IntoTheBlock*
Post-2021, however, the data indicates an increase in pessimistic investors coinciding with a price correction. The period from 2022 through early 2023 was marked by a stable equilibrium between the two camps, suggesting a phase of market consolidation. The recent trend in 2023-2024 shows a marginal uptick in pessimistic sentiment, aligning with a dip in SHIB’s market price.
On another note, on-chain analyst Ali Martinez has observed that the TD Sequential indicator has signaled a buying opportunity for SHIB, alongside Solana and Cardano, on the daily charts. This buy signal comes in the wake of a market downturn that saw many altcoins reaching new multi-week lows. For SHIB, this translated to a bottoming out at $$0.00001642$$, a 38% fall from its peak on June 5. These technical indicators may point to a lucrative entry point for investors willing to wait for a market rebound.
**Disclaimer:** The information provided here is for educational purposes and should not be taken as investment advice. The opinions expressed are personal and do not represent those of The Crypto Basic. Readers should conduct comprehensive research prior to making investment decisions. The Crypto Basic assumes no liability for any financial losses incurred.