The price of SHIBA (Inu) is expected to move higher as SHIB consolidates near the critical support zone at $0.000023. SHIB is looking for a breakout within the ‘symmetric’ triangle formation as price approaches the inflection point.
SHIB trades with modest losses over the weekend. SHIB is consolidating within the ‘symmetric’ triangle with reliable support at $0.000023. Expect bulls to target 50-day EMA placed at $0.000026.
The volume is supporting upward price momentum as seen on the daily chart. In today’s session, SHIB opened lower but quickly tested the lows around $0.000023 with above average volume. In general, increased volume with rising price is a bullish sign.
Source: Trade View
Technical indicators:
RSI: The daily Relative Strength Index (RSI) is trading at 45 with a neutral bias, while hovering near the average line. The momentum indicator has been moving along the rising trendline since February 4.
MACD: Moving Average Convergence Divergence is reading below the midline with increased bearish momentum.
Trading Volume: On Balance Volume (OBV) indicates consolidating volumes in terms of price declines.
SHIB bulls will attempt to test the 50-day EMA (Exponential Moving Average) at $0.000026.
In addition, a decisive close above the triangle’s upper trendline could smooth the wave ahead of the $0.000030 horizontal resistance hurdle.
On the downside, a lower break of the “symmetric triangle” pattern would result in a retest of the February lows at $0.000020. Next, market participants are keeping their eyes on the January 22 lows at $0.000017.
SHIB price fell nearly 80% from October 28 highs to January lows. Since then, SHIB has risen to a high of $0.000035 with increased buying pressure. But bulls lack the conviction to go beyond the level.
As of release, SHIB/USD is trading at $0.000023, down 3.07% for the day.
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This post SHIB Price Prediction: Shiba Inu (SHIB) May Test 50-Day EMA At $0.000026, Is It Time To Buy?
was published first on https://coingape.com/markets/103103-2/
