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- Shiba Inu’s price at $0.0000092 suggests potential upward momentum, with a possible breakout above $0.00001.
- Market weakness, fueled by recent SEC-approved Bitcoin ETFs, prompts investors to prioritize profit-taking.
- Shiba Inu’s bullish outlook relies on surpassing the $0.0000094 EMA resistance and maintaining support at $0.00000898.
Shiba Inu (SHIB) finds itself at a pivotal juncture as it hovers around the $0.0000092 mark, displaying indications of potential upward momentum. Traders are closely monitoring key buy signals that could propel the cryptocurrency towards a weekend breakout, aiming for the pivotal resistance level at $0.00001.
The broader cryptocurrency market is currently grappling with a sense of vulnerability, spurred by the recent sell-off triggered by the Securities and Exchange Commission’s (SEC) approval of Bitcoin exchange-traded funds (ETFs). This has led investors to adopt a cautious approach, preferring profit-taking rather than seeking fresh exposure in the current market climate. The impact of this cautious sentiment is evident across major cryptocurrencies like Bitcoin, Solana, and XRP, contributing to an overall dilapidated market outlook.
For Shiba Inu to strengthen its bullish scenario, a critical move above the 20 Exponential Moving Average (EMA) at $0.0000094 is imperative. This maneuver not only serves as a significant resistance point but also has the potential to activate a buy signal according to the Moving Average Convergence Divergence (MACD) indicator.
Moreover, maintaining support at the 200-day EMA, currently situated at $0.00000898, is essential for Shiba Inu to avoid further losses. This support level aligns with the lower trendline of an expanding cone, making it a crucial area for the cryptocurrency’s stability. As the cryptocurrency navigates these critical levels, the market’s response to the recent SEC-induced sell-off and the ability to surpass resistance will play pivotal roles in determining Shiba Inu’s short-term trajectory.