Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.
Shiba Inu It reversed course above the 200 EMA at $0.00002082, avoiding a critical breakdown. SHIB has proven its resilience after testing this important support level and enduring a downward wave, which represents a much-needed relief for its investors. The 200 EMA, which is often seen as the border between bullish and bearish trends, has been dangerously close to SHIB price over the past few days.
A drop below this level may have initiated a steeper decline and marked the beginning of a bear market for the asset. But SHIB's rebound above this level signals new buying interest, laying the groundwork for a potential sideways move in the short term. The 26 EMA and 50 EMA, which are located at $0.00002242 and $0.00002271, respectively, are resistance points for SHIB, which is currently trading at $0.00002134.
The asset will need to break above these levels in order to resume its upward momentum. On the other hand, SHIB may find itself swinging in a small range, with the 200 EMA acting as crucial support, if it is unable to clear these hurdles. With the Relative Strength Index (RSI) currently at 45, Gray In neutral territory.
Related to
There may be an opportunity for further consolidation, as this indicates that the asset is neither overbought nor oversold. Additionally, trading volume has stabilized, suggesting that the recent panic selling may be easing. Although SHIB's ability to stay above the 200 EMA is encouraging, it is still unclear where the market will head. The asset must overcome current resistance and set higher lows in order to verify a more robust recovery.
As long as the 200 EMA is successfully defended, there is hope for a sideways movement, which will allow the market to regain confidence and prepare for future growth. Investors should keep a close eye on important levels such as Gray Moving during this crucial period.
Source link