The strong momentum in the asset’s price action is evidenced by Shiba Inu’s notable 30-day high. Investors have taken notice of this upward trend, and many are now speculating whether SHIB can continue to rise and perhaps reach its all-time high (ATH). The chart shows that SHIB is maintaining an uptrend that began in mid-October, rising above significant trendline support.
Buying volumes have increased markedly, supporting the bullish sentiment around SHIB and indicating sustained interest from market participants. SHIB is currently facing a resistance level near $0.00001900. If the asset wishes to maintain upward momentum, it must overcome this zone, which has historically served as a barrier preventing SHIB from generating additional profits. SHIB could pave the way to higher levels and provide hope for a possible move closer to its ATH if it can clear this resistance with significant volume.
If this resistance is not overcome, the market may retreat to support levels located around the 50-day moving average. As investors feel relieved, the larger cryptocurrency market is also starting to rise. Political uncertainty has decreased as a result of the recent US midterm elections, and investors appear to have become more willing to take on risk. With many people expecting the market to continue to rise following a significant geopolitical event, this de-risking environment has created favorable conditions for assets like SHIB.
SHIB must maintain its volume and move decisively past local resistance levels if it hopes to continue this rally and build on its recent gains. If this happens, SHIB could enter a new phase of growth and possibly reach significant levels not seen since the last bull run. However, traders should watch for signs of weakening momentum at resistance levels, as they could foreshadow a short-term stop or correction. SHIB has shown generally encouraging results recently, but will require a sustained breakthrough to confirm its path to its ATH.
