As a seasoned researcher with years of market analysis under my belt, I can confidently say that the current state of Shiba Inu (SHIB) is causing me some concern. The token is teetering on a crucial support level, and if it were to fall below the 100 EMA, we might be in for a bumpy ride. The 50 EMA isn’t exactly a reliable safety net in bearish trends, acting more like a temporary patch than a solid price floor.
The digital currency Shiba Inu could potentially experience a significant reversal in the near future, given its current position above a critical support level. Notably, it’s currently slightly higher than the 100-day Exponential Moving Average (EMA) on its daily chart – a technical benchmark that has proven to be a reliable support in recent times.
If the critical support level for Shiba Inu is broken, there’s a possibility that its price might plummet to a significantly lower range. The 50 Exponential Moving Average (EMA) marks the next significant floor beneath the 100 EMA, but it may not offer robust support during bearish market conditions.
Instead of serving as a substantial support level, it typically works more effectively as a temporary solution, or a stopgap measure. If the 100 Exponential Moving Average (EMA) is breached, there might be a swift shift towards the 50 EMA, considering the current market conditions and Shiba Inu‘s technical setup.
For Shiba Inu token owners, it’s important to note that if the price drops below both the 50 Exponential Moving Average (EMA) and the 100 EMA, it could trigger a larger decrease in value. This decline might even push the price beneath the psychologically significant $0.00001 mark.
In the short term, an increase in Shiba Inu’s price by adding a zero might make recovery harder due to increased bearish attitudes among traders. Moreover, the substantial trading volume observed during the latest dip suggests rising bearish pressure on the token.
It seems that the surge in whale activity related to SHIB earlier could be due to profit-taking, which could potentially lead to a decrease in prices now, given the current market conditions.
Read More
- SOL PREDICTION. SOL cryptocurrency
- ENA PREDICTION. ENA cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD PHP PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- USD ZAR PREDICTION
- WIF PREDICTION. WIF cryptocurrency
- USD VES PREDICTION
- SEAM PREDICTION. SEAM cryptocurrency
- MDT PREDICTION. MDT cryptocurrency
2024-10-03 12:18