Shiba

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Shiba Inu

<p>Shiba Inu (SHIB) has broken its long-term downtrend recently with an impressive rally, <a href="https://twitter.com/shibainuhodler/status/1718620389142598055?s=46" target="_blank" rel="noopener noreferrer nofollow">according</a> to crypto enthusiast SHIB HOLDER. The meme coin is up over 11% from its September lows.</p>
<p>However, SHIB now faces significant resistance near the psychologically important $0.00001 level, also known as “erasing another zero.” From current prices around $0.0000079, SHIB would need a 25.5% rally to decisively break above $0.00001.</p>
<h2 class="wp-block-heading" id="technical-analysis">Technical analysis</h2>
<p>According to altFINS, <a class="wpil_keyword_link" href="https://captainaltcoin.com/shiba-inu-price-prediction/" title="SHIB" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">SHIB</a> is approaching tough resistance after breaking out of a falling wedge pattern. Their target of $0.0000080 (also near the 200-day moving average) was reached.</p>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="573" src="https://captainaltcoin.com/wp-content/uploads/2023/10/image-738-1024x573.png" alt="" class="wp-image-366576" srcset="https://captainaltcoin.com/wp-content/uploads/2023/10/image-738-1024x573.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-738-300x168.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-738-767x429.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-738-1536x860.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-738-2048x1146.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-738-268x150.png 268w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-738-100x56.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-738-625x350.png 625w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-738-788x441.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p><em>Source: </em><strong><a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="altFINS" href="https://captainaltcoin.com/go/altfins/" data-shortcode="true"><em>altFINS – Start using it today</em></a></strong></p>
<p><strong>The key test will be whether SHIB can close above that 200-day moving average. A convincing breakout would help confirm a trend reversal to a new uptrend.</strong></p>
<p>In the near term, SHIB is in an uptrend, but the medium- and long-term trends remain in downtrends. Momentum is bullish, with the MACD line crossing above the signal line and the RSI above 55.</p>
<p><strong>Support zones</strong> sit at $0.0000070 and $0.0000055. <strong>Resistance zones</strong> are at $0.0000080 (previous support), $0.0000100, and $0.00001200.</p>
<p>The recent SHIB rally has broken the long-term downtrend, but very strong resistance sits overhead around the 200-day moving average and $0.00001 level.</p>
<p>Read also:</p>
<ul>
 <li><a href="https://captainaltcoin.com/shiba-inu-eyes-500-gain-as-shib-bulls-take-control/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu Eyes 500% Gain As SHIB Bulls Take Control</a></li>
 <li><a href="https://captainaltcoin.com/dogecoin-faces-resistance-at-0-07-but-this-doge-indicator-confirms-a-buy-signal/" target="_blank" rel="noopener noreferrer nofollow">Dogecoin Faces Resistance at $0.07, but This DOGE Indicator Confirms a ‘Buy Signal’</a></li>
 <li><a href="https://captainaltcoin.com/october-in-focus-injective-solana-and-inqubeta-emerge-as-the-biggest-winners/" target="_blank" rel="noopener noreferrer nofollow">October in Focus: Injective, Solana, and InQubeta Emerge as the Biggest Winners</a></li>
</ul>
<p>According to technical analyst altFINS, SHIB bulls need to see a decisive breakout above the 200-day MA and a daily close above $0.00001 to confirm a new uptrend. If resistance holds, a move back to support around $0.0000070 is likely. Traders should watch price action closely near the 200-day MA resistance zone.</p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/shiba-inu-looking-to-destroy-that-zero-but-faces-tough-resistance-at-key-level/">Shiba Inu Looking to ‘Destroy that Zero’ – But Faces Tough Resistance at Key Level</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Shiba Inu Looking to ‘Destroy that Zero’ – But Faces Tough Resistance at Key Level

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