Shiba Inu has managed to move upward above its 200 Exponential Moving Average (EMA) at approximately $0.00002082, preventing a significant decline. The Shiba Inu token showed strength when it reached this important support level and weathered a bearish phase, offering some much-welcomed relief to its investors. Over the past few days, the 200 EMA, often seen as the dividing line between bullish and bearish market trends, was nearly touching Shiba Inu’s price.
If the price of SHIB drops below a certain point, it could trigger a more significant downturn, signaling the beginning of its bear market. However, if SHIB recovers above that level, it suggests new purchasing activity, potentially leading to a temporary period of sideways movement. The levels at $0.00002242 and $0.00002271, where the 26 EMA and 50 EMA are situated respectively, serve as resistance points for SHIB, which is currently trading at $0.00002134.
For the asset to continue its upward trend, it must surpass those marked levels. Conversely, SHIB could move within a limited range if it fails to overcome these hurdles. The 200 Exponential Moving Average (EMA) might act as significant support in this scenario. Currently, SHIB is in a neutral state according to the Relative Strength Index (RSI), which stands at 45.
There could be potential for further consolidation since the asset isn’t showing signs of being overbought or oversold. Moreover, trading activity seems to have stabilized, which might indicate that the recent selling frenzy is slowing down. However, SHIB staying above its 200 EMA is promising, but it remains uncertain where the market will head next. For a more robust recovery, the asset needs to surpass current resistance levels and establish new lower highs.
So far as the 200 Exponential Moving Average (EMA) is successfully held, there’s potential for a sideways trend that could offer the market an opportunity to rebuild trust and prepare for future expansion. It’s advisable for investors to stay vigilant regarding significant levels as SHIB navigates this critical phase.
Read More
- EUR ARS PREDICTION
- EUR CAD PREDICTION
- XRP PREDICTION. XRP cryptocurrency
- ULTIMA PREDICTION. ULTIMA cryptocurrency
- FIS PREDICTION. FIS cryptocurrency
- POWR PREDICTION. POWR cryptocurrency
- EUR VND PREDICTION
- CHR PREDICTION. CHR cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- DF PREDICTION. DF cryptocurrency
2025-01-14 11:32