Shiba Inu (SHIB) has experienced a significant 36% price rally, marking its highest level in five months. This surge has resulted in a Golden Cross, a technical pattern indicating bullish momentum, as the 50-day EMA has crossed above the 200-day EMA, reversing the previous Death Cross.
The Golden Cross is a vital signal attracting investor interest, suggesting possible continued growth for SHIB. However, to maintain this uptrend, Shiba Inu requires strong market support against potential profit-taking pressures.
Approximately 30% of SHIB holders are currently in profit, posing a risk of selling pressure that could hinder the recent bullish trends. Sustained growth depends on broader market confidence and the willingness of long-term holders to remain invested.
Currently trading at $0.00002583, Shiba Inu seeks to break resistance at $0.00002976, a crucial level for maintaining its rally and reaching a psychological target of $0.00003000.
Failing to break this resistance could result in a retrace to $0.00002267, challenging SHIB's resilience and investor sentiment. A drop beyond $0.00002267 could negate the bullish outlook, leading to further declines and caution among investors.
