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- 1 The SHIB price noted a buying momentum and is heading toward $0.00001000.
- 2 Buyers have succeeded in exceeding the price above the 20-day EMA mark.
Shiba Inu, the meme-based cryptocurrency, gained momentum, noted a double-bottom formation, and decisively exceeded the trendline hurdle of $0.000009000. Moreover, the token price was heading to the round mark of $0.00001000 and delivered buying momentum in the last sessions. However, the Layer 2 Protocol, Shibarium, witnessed a milestone in its day-to-day transaction activity and descended to 50,000 from about 2.5 Million.
The Shiba Inu price has climbed above the key moving averages and delivered signs of reversal in the last sessions. If the token escapes the round mark of $0.00001000, the token may ascend the gains and stretch the reversal toward $0.00001200, followed by $0.00001400. Moreover, the price action shows buyers’ accumulation and investors drawing interest in the last sessions.
The Shiba Inu (SHIB) token price was $0.000009667 at press time, with an intraday gain of 0.12%, showing neutrality on the charts. Moreover, the trading volume increased by 2.23% to $151.53 Million, highlighting the buying momentum. The pair of SHIB/BTC is at 0.000000000186 BTC, and the market cap is $5.67 Billion. Analysts are neutral and suggest that the Shiba Inu price will gain momentum above $0.00001000 and will glimpse bullishness soon.
SHIB on Daily Charts Reveals Buyers Accumulation
On the daily charts, the SHIB price glimpsed fresh buying momentum and escaped the trendline hurdle of $0.00000900, which led sellers to be trapped, and a short covering move was noted in the last sessions. Additionally, the buyers have rescued their strength and are trying to stretch the reversal above the crucial zone of $0.00001000 to extend the gains beyond it. Per the Fib retracement levels, the token has bounced above the 23.6% zone and is close to the 38.2% zone.
The Relative Strength Index (RSI) reverted from the oversold region and jumped above the midline, depicting a positive crossover indicating the buyers’ accumulation. Moreover, the MACD indicator shows a bullish crossover and suggests a short-term upside toward $0.000012000, which can be anticipated in the coming sessions.
Shiba Inu on Weekly Charts Reversal From Bottom
On the weekly charts, the SHIB token price glimpsed a reversal from the lows of $0.000006400 and recovered over 40% in the recent sessions. Moreover, the token has held the gains above the 50-day EMA mark and is likely to jump toward the 100-day EMA zone shortly.
Summary
Shiba Inu price displayed a reversal and glimpsed buyer accumulation in the recent sessions. Moreover, the price action signifies a pullback, and bulls are gaining strength and are trying to escape the make-or-break zone of $0.00001000 in the following sessions.
Technical Levels
Support Levels: $0.00000900 and $0.000008600
Resistance Levels:$0.00001100 and $0.00001300
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
