Shiba Inu, Resistance Line Neutralized...Will May Bring a Bull Run?

▲ Shiba Inu (SHIB)

Shiba Inu (SHIB) is aiming directly at a technical resistance line, forming its own rebound momentum in the memecoin market.

Crypto media outlet U.Today reported in an article published on May 1 (local time) that Shiba Inu is approaching its major resistance threshold, the 100-day Exponential Moving Average (EMA) line, and is on the verge of a massive price breakout. Shiba Inu, currently trading around $0.0000063, is attempting to break through the strong technical watershed of $0.00000646, leveraging its recent upward momentum. This movement shows that Shiba Inu is absorbing buying pressure and recovering its losses even amidst a broader slowdown in the virtual asset market.

The main driver of the price increase is the weakening of selling pressure observed in the 100-day EMA zone. U.Today analyzed that unlike in the past when strong resistance occurred in this zone, the intensity of resistance has significantly decreased recently, meaning that supply is gradually being absorbed. Especially if a breakthrough with significant trading volume is confirmed, the price increase could become even steeper, coupled with the supply reduction effect through Shibburn.

According to technical indicators, if Shiba Inu breaks above $0.00000646 and establishes it as a support level, the next target price is expected to be the $0.00000766 zone, where the 200-day EMA is located. It is assessed that there is little noticeable selling resistance up to that zone, allowing for rapid price increases if momentum is maintained. However, to fully break out of the long-term downtrend line, stabilization in the mid-$0.000007 range is considered an essential prerequisite.

The movements of whales within the Shiba Inu network are also becoming active. Large-scale investors are utilizing the current low price levels as accumulation opportunities to acquire assets, and the support from these whales acts as a strong defensive line during price declines. Even as Bitcoin (BTC) volatility expands, Shiba Inu is solidifying its dominance within the memecoin ecosystem based on robust support.

Shiba Inu's current challenge could be a signal not just for a simple price rebound, but for the beginning of a new bull market. Whether it breaks through the resistance threshold will be a critical turning point determining the price direction over the next few weeks, and investors are closely monitoring real-time price changes and on-chain indicators. If Shiba Inu's technical breakout attempt succeeds, it is expected to act as a decisive catalyst for improving investor sentiment across the entire virtual asset market.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*