MyShell's token SHELL has experienced a significant technical breakout, with its price surging approximately 28% after breaking above a descending wedge pattern. This move signals a potential shift from bearish to bullish momentum, as highlighted by analyst Captain Faibik, who noted the breakout has already yielded substantial profits for traders.
The breakout occurred as SHELL overcame resistance near $0.11, with technical indicators like TD Sequential and Parabolic SAR indicating increasing buying pressure. A measured move approach projects a target of $0.2281, based on the wedge's height. Support is firmly established between $0.094 and $0.10, where moving averages and previous lows converge, while resistance levels are identified at $0.1243 and $0.1605.
Despite a recent 6.7% decline to $0.1127 in the last 24 hours, SHELL remains above the critical $0.1062 support zone. The token has shown relative strength against major cryptocurrencies, gaining 4.8% against Bitcoin and 3.9% against Ethereum, reflecting cross-market resilience amid broader volatility. High trading volume suggests sustained investor interest, with market capitalization rising, indicating growing confidence.
The current setup involves testing a long-term descending trendline resistance, and a decisive break above $0.1243 could confirm a new upward trajectory. Traders are closely monitoring these levels, as failure to hold support might lead to a retest of lower zones around $0.09.
XRP
RLUSD
HONEY
ENA
BTC
LINK