SHIBA broke its 1DMA50. One Resistance left before All Time High

SHIBUSDT had approximately a +30% price increase yesterday that marginally broke above its 1D MA50 (blue trend-line) for the first time since December 01 2021. Today despite a higher reach, we see so far some profit taking which is expected after such rise.

During Shiba Inu's previous accumulation phase from June to September, when it broke the 1D MA50, it failed to deliver a rally to new All Time High (ATH) as the horizontal Resistance level of the Highs of the accumulation phase continued to reject any break-out attempt. Currently the symmetrical Resistance Zone appears to be roughly within 0.00003320 - 0.00003110. As long as the price is within that and the Support Zone, expect the accumulation phase to be extended. A break above the Resistance Zone, will most likely coincide with a break above the 1D MA100 (green trend-line). In that case I expect an aggressive and quick rally towards the 1.0 Fibonacci level and the previous ATH. A break above can even set a Higher High near the 1.236 Fib extension. Notice how similar the 1D RSI sequences are of the two accumulation phases.



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