Shiba Inu has experienced a significant change in direction. Having approached the 50-day moving average (MA), Shiba Inu underwent a sharp decline at this point. This shift from advancing towards the 50 EMA implies that Shiba Inu’s upward momentum is weakening, aligning with a larger trend of decreasing strength in the cryptocurrency market.
The shift occurs when trading volume remains unchanged, suggesting traders are undecided about pushing SHIB‘s price up or down. This uncertainty is also seen in the Relative Strength Index (RSI) at 50, which usually means neither an excess of buying nor selling pressure. Essentially, the RSI reflects the market’s current lack of direction.
Shibaswap (SHIB) has failed to surpass the 50-day moving average (EMA), indicating that the market is currently weak and unable to drive significant buying activity for various assets. The value of SHIB at $0.000021 serves as its immediate line of defense. If this support level breaks, it could indicate a continued downward trend, with potential support emerging near the lower boundary of the trading channel around $0.000012.
If SHIB regains strength and surpasses its 50 moving average, it could pave the way for attacking higher resistance points. The initial obstacle would be the previous peak around $0.00003. Nevertheless, SHIB’s price increase might not be straightforward as it would depend on increased market involvement and a shift in investor sentiment to support such growth.
Shib Inu’s future actions depend on whether it can regain its footing and rise above its current price point or if the market’s present stagnation signals a more significant downturn ahead. Pay close attention to the support level at $0.000021 and any potential reversals from it.
It’s likely that Shib will experience a significant and swift upward price reversal. Regretfully, selling Shib has turned out to be an unwise move.
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2024-04-25 11:55