The Shiba Inu (SHIB) price chart has seen a small decline to $0.000028 after last week’s rally. Buyers found support at the 50-day EMA and are recovering from this level with a morning star. The SHIB price forming the right shoulder of inverted head and shoulders is projecting a bullish opportunity above $0.000033.
Main technical points:
The SHIB buyers regain bullish streak below the pivotal EMAs (20, 50, 100 and 200)
SHIB price is trading at $0.000031, yielding an intraday gain of 5.51%
The 24-hour trading volume in SHIBA/USD is $1.6 billion, indicating a gain of 31%.
Shiba Inu price today
Source- Trading Display
During the first week of February, SHIB price registered a 70% recovery from $0.000002. The buyers escaped the highly influential bearish channel, which propelled the meme coin to $0.000033.
The higher price rejection candle at this resistance suggests crypto traders’ profit posting, leading to a small pullback. This retracement stopped the altcoin falling 18%, bringing it to $0.000028.
However, the buyers defended the flipped support from the 50-day EMA and pushed the SHIB price higher. The technical chart shows the formation of an inverted head and shoulder pattern with the $0.000033 neckline.
If buyers could break this overhead neckline, the meme coin would hit $0.00004 first. If they also overcome this resistance, the next significant supply area will be at $0.48.
Technical indicators
The flat 50-and-100-day EMA and the rising 20-day EMA accentuate the bullish recovery. Additionally, the SHIB price trading above the crucial EMAs indicates that the bulls have the upper hand.
The slope of the Relative Strength Index (60) moving higher in the positive area indicates that buyers are strengthening their grip.
Resistance Levels- $0.000033 and $0.0004
Support Levels- $0.0000275 and $0.000024.
Disclaimer
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
About the author
I have been working in journalism for the past 5 years. I follow the Blockchain & Cryptocurrency of the past 3 years. I have written on a variety of topics including fashion, beauty, entertainment and finance. contact me at brian (at) coingape.com
This post Shiba Inu Price Today: Bullish Pattern Raises SHIB Price to Move Beyond $0.00004
was published first on https://coingape.com/markets/shib-price-analysis-bullish-pattern-bolsters-shib-price-to-go-beyond-0-00004/
