Shiba Inu has surged to a notable 30-day high, capturing attention across the crypto market as investors watch to see if SHIB can sustain this upward trend. The asset is approaching a key resistance level, testing the strength of recent bullish momentum with renewed investor interest.

Shiba Inu's 30-Day High Sparks Investor Interest

Shiba Inu's noteworthy 30-day high indicates strong momentum in the asset's price motion. Many investors have taken note of this rising trend and are wondering if SHIB can maintain its upward trajectory and even hit its ATH, U.Today reports.

After breaking through a key trendline support in the middle of October, SHIB has been steadily climbing ever since, as seen on the chart.

Volume Surge Supports Bullish Sentiment

Buyer interest in SHIB has been steady, and the recent uptick in buying volume lends credence to the positive feeling in the market. At the moment, SHIB is up against a resistance level of around $0.00001900.

This zone has traditionally prevented SHIB from making further gains; therefore, if the asset wants to maintain its upward momentum, it must break above it. If SHIB can break over this barrier with considerable volume, it might open the door to higher levels and give hope for a potential approach to its ATH.

Resistance Level Poses Challenge for Sustained Growth

If this hurdle isn't broken, the market might go back to where it found support, which is at the 50-day moving average.

The wider cryptocurrency market is starting to expand as a result of investors' relief. Following the recent U.S. midterm elections, investors seem to be more prepared to take risks, and political uncertainty has diminished.

Crypto Market Gains from Decreased Political Uncertainty

This derisking climate has been beneficial for assets like SHIB since many investors expect the market to keep rising following a major geopolitical event.

If SHIB wants to keep going strong and expand on its current gains, it needs to keep up its volume and break above local resistance levels. If that happens, SHIB might start growing at a rate not seen since its last bull run, and it could even hit new highs. But, traders should be vigilant for signs of weakening momentum at resistance levels, as this could signal a temporary pause or reversal.

Path to ATH Requires Breakout at Resistance

While SHIB's overall performance in recent times has been positive, the road toward its ATH has to be validated by a sustained breakout.