SHIB Technical Analysis: Doge-Killer Breaks the Highly Influential Resistance Trendline: Should You Join the Rally?

SHIB coin price is under a surge of buying pressure resulting in the breakout of the long-coming resistance trendline. Is this the best buying spot of 2022? Although it is widely believed that meme-like coins such as SHIB are only driven by hype and sentiment, the SHIB ecosystem actually has a variety of useful tools, such as NFTs and a Defi platform on ShibaSwap. ShibaSwap aims to offer an environment that is secure for trading in cryptocurrency and to remain independent of any central authority. In the latest news, the community finds acceptance in the real world as ‘A Gig Harbor,’ Washington-based real estate developer, accepts payment in Shiba. Let us move ahead to read about Shiba Inu technical analysis. Past Performance of SHIB SHIB coin price rose more than 15% in the past 24 hours, resulting in a bullish engulfing candle that broke above the long-coming resistance trendline. The trendline breakout puts an end to the long correction phase started on 28th October. Under the influence of the long-coming resistance trendline, the coin price decreased by more than 75%. Therefore, the breakout marks a solid bullish milestone. SHIB/USD Daily Chart SHIB Technical Analysis The SHIB coin price action shows an increase in the buying pressure evident by the 100% jump in the intraday trading volume. That is why the increasing bullish commitment showcases the high possibility of a bull run. The crucial EMAs (50, 100, and 200) keep a...