Press Release SHIB, the token powering the second-largest meme coin, Shiba Inu flew 15% to trade at $0.00001120 at the time of writing. Shiba Inu price retested critical descending trendline support earlier in March—and rebounded, implying the trend was ready to change course northwards.
Before the correction to $0.00001, which coincided with the above-mentioned trendline, SHIB had broken out in January, lifting 96% to a new yearly high of $0.00001576 by early February.
Despite the double-digit move in the last 24 hours, Shiba Inu must tick a few boxes before investors can fully confirm a new bull market. For now, let us dive into the analysis to figure out what factors are in play to either validate or invalidate the uptrend.
Evaluating Shiba Inu Price Technical Outlook – Daily ChartThe second-most popular meme coin, boasting $6.6 billion in market capitalization, is trading at $0.00001120. In the last 24 hours, Shiba Inu has seen its trading volume jump by 30% to $321 million, hinting at increased accumulation among investors who anticipate a much bigger move in the price over the coming few days.
However, the 100-day Exponential Moving Average (EMA) (line in blue) currently caps price movement under $0.00001126. A break above this key moving average remains critical for SHIB to uphold the breakout from the falling trendline.
SHIB/USD daily chartDespite the immediate resistance, key momentum indicators like the Moving Average Convergence Divergence (MACD) reveal a determined bullish front. After Shiba Inu dumped alongside the rest of the market due to the collapse of Silicon Valley Bank (SVB), the MACD flashed a buy signal on the daily timeframe chart.
Investors are likely to keep their long positions in SHIB intact as long as the MACD line in blue holds above the signal line in red. Furthermore, the momentum indicator should generally move toward the mean line at 0.00 and the positive region above it – this would help improve confidence in the uptrend.
Nevertheless, Shiba Inu’s recovery journey is unlikely going to be smooth, considering the potential resistance at the 200-day EMA (line in purple) at $0.000012, and the seller congestion areas at $0.000014 and $0.000018, respectively.
Shiba Inu Price Eyes Another 34% Move – 4-Hour ChartThe MACD sustains the buy signal on the four-hour chart, but this time, it is holding above the mean line. Buyers are determined to hold onto the accrued gains, especially during this week’s recovery ahead of the Federal Reserve decision on a possible interest rate hike on March 22.
SHIB/USD four-hour chartShiba Inu price is sitting above the 100-day EMA, which is holding at $0.00001110 on the four-hour chart. Remember, on the daily chart, the 100-day EMA is the immediate resistance.
A daily close above $0.00001110 could serve as confirmation that support is intact and the path with the least resistance is to the upside.
The second and most conspicuous aspect of the four-hour chart is the 200-day EMA resistance at $0.00001148. If SHIB flips this level into short-term support, it could attract more interest from retail traders, » …
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