Shiba Inu price (SHIB), is above 20 EMA. 50 EMA. The bulls are controlling the pace.
- Shiba Inu shows a strong bullish trend
- SHIB following above 20 EMA, 50 EMA
- SHIB test at $0.0126 Mark; suggests high volatility
SHIB saw a strong buying activity over the last month, with the dog meme coin seeing a steady decline in its value between $0.0126 and $0.01239.
SHIB Soars to 2.38%
CoinMarketCap reports that Shiba Inu’s price is $0.00001259.
If buying activity is strong enough to test $0.0126, then a bullish breakout may occur.
Buyers are facing hurdles in the supply zone that attempt to prevent the dog meme coin’s recovery. The bulls, on the other hand aren’t letting down their guard and amplifying the pressure from patterns of lower lows like the last couple of weeks.
After the bull market, support will be provided by the 50 EMA (20 and 50 EMA). The SHIB price has been hovering around the EMAs for some time. It is expected to break the squeeze point in the coming days and move into highly volatile waters.
Shiba inu’s four-hour chart showed an ascending triangular pattern, which indicates a bullish streak. But, trading volumes have been greatly reduced and the market is currently in a downward trend.
SHIB to Retest the $0.0126 Zone
The chances of breach are confirmed if the closing price is higher than $0.0126. SHIB may recover from this and then move to the $0.0131 to $0.0133 area. However, if SHIB can’t afford to close anywhere above this range, then this would precipitate a movement closer to the EMAs.
The RSI also has been on the rise for two days. To increase recovery, buyers must surpass the 59 level limits. While DMI has been strong and supports the bullish movement of SHIB, the ADX or altcoin’s directional trend looks rather weak.
The bullish viewpoint was spotted near the $0.0126 resistance level, and buyers will be looking to increase their activity over the coming sessions. Reversals from the burrowing resistance could indicate a slow phase and targets might not move as planned.
SHIB’s 30-day surge of 88% with Bitcoin is a bright side. With that in mind, Bitcoin’s movement will impact SHIB’s performance and overall market sentiment.
Source: TradingView.com| Source: TradingView.com Featured Image from The Motley Fool. Chart from TradingView.com