Shiba INU price rises marginally, although bullish market sentiments have soared within the crypto space. With the new interest rates released by the FOMC, Bitcoin prices surged past $23,800. Following the star crypto, most altcoins also spiked past their resistance levels. However, the SHIB price, despite gathering enough strength, could rise marginally, not following current market trends.
The SHIB bulls appear to remain passive as the value rose no more than 1% on momentum, indicating that the bulls are keeping a safe distance. Furthermore, the current trade setup indicates the possibility of a bearish reversal with the formation of a bearish inverted hammer.
Shiba INU prices have increased by more than 60% since the beginning of 2023, but have maintained a significant downward trend over the past week. The asset failed to break above crucial resistance despite the recent bullish momentum triggered by the FOMC. The price is currently fighting hard to defend the $0.000012 level and prevent the rally from retesting the lower support around $0.000011.
However, the bullish pressure has increased, while the MACD remains within the positive ranges. On the other hand, the RSI has been sliding lower but somehow managed to stop the downtrend and showed a little bullish divergence. Therefore, the possibility of a bullish reversal may not be eliminated entirely, but it could be extended for a while.
This post Shiba INU (SHIB) Price Fails To Build A Healthy Rally, How Will The SHIBA Army React?
was published first on https://coinpedia.org/price-analysis/shiba-inu-shib-price-fails-to-spark-healthy-upswing-how-will-shibarmy-react/