Shiba Inu’s current position is neutral, which could be a positive sign. Shiba Inu has bounced back in the market, using the 50 EMA as a strong support level. Fortunately, SHIB did not disappoint and made the breakthrough many expected.
However, there are numerous resistances ahead, so relying on a quick move up might not be the wisest decision.
Shiba Inu’s Rebound and Moving Average Analysis
The blue line, representing the 50-day EMA, has served as a reliable level of support, giving SHIB the boost it needed to attempt a comeback. This rebound provides traders with hope for a reversal and the confidence necessary to halt the larger decline that started more than a week ago.
SHIB/USDT Chart by TradingView
Another encouraging sign from the moving averages is that SHIB is currently trading above the 100-day EMA. Being above the 100 EMA, which often serves as a midterm trend indicator, may suggest that the overall trend is turning more bullish.
However, the 50-day EMA is still above the current price and could act as a resistance level in the near future. The recent price movements have also seen an increase in trading activity, as indicated by the trading volume bars.
Shiba Inu (SHIB) Market Analysis
The recent surge in trading volume for SHIB suggests heightened market interest, often following significant price movements. This increased activity is crucial for overcoming current barriers and sustaining a prolonged upward trend.
Additionally, the Relative Strength Index (RSI) currently sits at 50, indicating a neutral position for SHIB. This suggests that the asset is neither overbought nor oversold, presenting a balanced outlook. A move towards the RSI level of 70 could signal overbought conditions in the future, but for now, SHIB remains in a middle ground, providing little indication of its next potential move.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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