Shiba Inu Price saw a significant uptrend (Recovery) during tuesday’s london trading session. Although the shiba inu price is recovering from the previous losses, it still can be seen as an uptrend for shiba inu, Despite this rally, trading volume remained stable at 2.039 trillion, it’s an indication to continued activity without major changes…
A strong connecton can be seen here, with bitcoin gaining its value back in the recent days. Shiba inu price seems to be following the bitcoin’s trajectory making it one of the strong gainers in the recent market rebound.
Technical Analysis and Key Levels
Shiba Inu’s price is bouncing back from a descending wedge pattern, which often suggests it might soon move upward. The recent candlestick shows a small green bar after several red ones, suggesting a possible short-term reversal or consolidation.
However, SHIB faces significant resistance at the 50-day EMA ($0.00001734) and 200-day EMA ($0.00001860), indicating a bearish trend. If it can’t break these levels, it could drop by up to 41%, aligning with the wedge’s lower trendline and entering a fair value gap (FVG) zone, down to $0.00001135.
Immediate support lies around $0.0000115, with strong support between $0.00001 and $0.000011. Support is around $0.0000115, with strong support between $0.00001 and $0.000011. Key resistance levels are $0.00001734 (50-day EMA), $0.00001860 (200-day EMA), and a key resistance zone between $0.00002500 and $000003000.
Shiba Inu Price’s Market Sentiment
The Relative Strength Index (RSI) for Shiba Inu is at 33.01, which is close to the oversold zone which could suggest a short-term bounce. However, Chaikin Money Flow (CMF) is at -0.01, which supports mild selling pressure and bearish sentiment.
Conclusion
Shiba Inu (SHIB) is having a strong run with its price rising by 16%. It is good news given the struggling market. However, there are challenges ahead. SHIB needs to break through some key resistance levels to keep climbing. If it succeeds, the price could rise even more. But if it doesn’t, the price might fall.
Investors should keep a close eye on how SHIB performs. Understanding these technical details will help them decide if SHIB is a good investment.
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