- SHIB confirmed the breakout above $0.000008 after some slips on several occasions.
- If the OBV continues rising and accumulation reigns, SHIB may reach $0.000009.
- The AO needs to move into the positive territory for an uptrend confirmation.
Since Shiba Inu (SHIB) dropped to $0.000006 in June, crossing the $0.000008 resistance has been difficult. However, after several failed attempts, SHIB has broken the psychological resistance five times in the last two weeks.
The first break happened on July 15 when SHIB crossed into $0.0000083. Unfortunately, that hike was short-lived as the token dropped to $0.0000077 three days later. But the selling pressure experienced on July 15 and 18 could not halt SHIB’s rise to $0.0000086 on July 31, which was a confirmation of the breakout.
Oftentimes, when an asset breaches this level, it indicates the start of a new trend. From CoinMarketCap’s data, SHIB has registered a 7.25% increase in the last 24 hours.
Accumulation Can Trigger Another Increase
According to the SHIB/USD 4-hour chart, notable profit-taking began when SHIB tapped $0.0000084. The sell orders pushed the meme down to $0.0000081 before demand appeare…
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The post Is SHIB’s Breakout Above $0.000008 Confirmation of a Rally? appeared first on Coin Edition.