Lately, Shiba Inu (SHIB) has displayed a noticeable bullish trend by surpassing the 20-day, 50-day, and 200-day EMAs. The recent breakout from the symmetrical triangle pattern has favored the bulls, propelling SHIB to challenge crucial resistance levels.
Currently, SHIB is trading around $0.0000184, showing a 4.14% increase in the last 24 hours.
Is the SHIB Rally Sustainable?
SHIB’s recent climb above the 20-day, 50-day, and 200-day EMAs has signified a robust resurgence in bullish momentum.
The symmetrical triangle break has paved the way for buyers to target the $0.0000182 resistance level, now a significant barrier for further upward movement.
A firm breakthrough above this point could propel SHIB towards the $0.0000206 resistance, where a period of consolidation might be initiated by the bears.
In such a scenario, buyers should anticipate a sideways movement within the $0.0000206 and $0.0000182 range.
On the downside, immediate support lies near the EMAs, offering a stable foundation for SHIB to recover in case of a pullback.
The RSI remains comfortably above the midpoint, indicating a bullish sentiment. Surpassing the 60-61 range could lead to further gains before a possible turnaround from the overbought zone. Traders should remain vigilant of Bitcoin’s performance as market sentiment is likely to influence SHIB’s trajectory.
Revelations from Derivatives Data
Notably, the 24-hour long/short ratio for SHIB currently stands at 1.0462, hinting at a slight bullish inclination. On platforms like Binance and OKX, the long/short ratios are reported at 1.0462 and 2.43, respectively.
This reaffirms a bullish stance and reflects trader confidence in the ongoing uptrend.
Moreover, SHIB’s trading volume surged by over 54.32% to reach $145.10 million, a positive indicator amidst daily gains. Open interest also saw an increase of 13.15%, showing a growing interest among traders to establish new positions, possibly in anticipation of further short-term gains.
Liquidation data reveals a higher number of short liquidations, implying that bears are exiting their positions. This shift towards bullish sentiment is likely to add momentum to SHIB’s immediate outlook.
Therefore, breaching the $0.0000182 resistance might set the stage for additional upward momentum, targeting $0.0000206 as a key resistance level. Conversely, failure to sustain momentum above the EMAs could prompt a retest of the $0.0000171 support level.