| Cryptocurrency | Price (USDT) |
|---|---|
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| ETH | $2431.5900000000 |
| BNB | $648.9197600000 |
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| LTC | $86.5464000000 |
| LINK | $13.3266600000 |
Category: CRYPTO NEWS
The post Shiba Inu Surges 36%, Faces Potential Resistance at Key Price Levels Amid Profit-Taking Concerns appeared on BitcoinEthereumNews.com. Shiba Inu (SHIB) has surged 36%, reaching a five-month peak, driven by the formation of a bullish “Golden Cross” pattern, which signifies potential further gains. The recent rally has led to an optimistic sentiment among investors, yet with about 30% of holders in profit, risk of profit-taking looms over SHIB’s momentum. Key resistance is set at $0.00002976; failure to surpass this barrier may lead to a retreat towards $0.00002267, testing the coin’s strength amidst volatility. Shiba Inu’s recent surge touches a five-month high propelled by a “Golden Cross” pattern, revealing challenges and resistance levels ahead for investors. Shiba Inu’s Bullish Trend Explained Shiba Inu’s price spike of 36% over the past 24 hours has energized market participants, with the asset forming a bullish “Golden Cross.” This technical chart pattern occurs when the 50-day Exponential Moving Average (EMA) crosses above the 200-day EMA, marking a potential turnaround after the recent “Death Cross” seen three months prior. Historically, such signals indicate a promising shift in momentum, conjuring hopes for SHIB’s sustained growth as it breaks free from previous downtrends. The emergence of the Golden Cross typically draws renewed interest from investors, further bolstering bullish attitudes within the community. To maintain this upward trend, it is crucial for Shiba Inu to gain backing from a strong base of market participants, ready to absorb any selling pressure stemming from profit-taking activities. Market Dynamics and Investor Sentiment Despite the recent bullish developments, an analysis of active addresses reveals a cautious narrative. Approximately 30% of SHIB holders currently sit in profits, which may lead to heightened selling activity as these investors look to capitalize on gains. This behavior could present a challenge to SHIB’s bullish trajectory, particularly if selling volume surges. Moreover, while the bullish trend flourishes, Shiba Inu’s future performance is tied to the market’s…
2024-11-11T03:19:11+00:00