SHIBA (Inu) price is expected to trade higher as SHIB consolidates near the critical support zone at $0.000023. SHIB is looking for a breakout inside the ‘Symmetrical’ triangle formation as the price approaches the inflection point.
- SHIB trades with modest losses on Weekends.
- SHIB consolidates inside the ‘Symmetrical’ triangle with reliable support at $0.000023.
- Expect bulls to target 50-day EMA placed at $0.000026.
The volume supports the upside price momentum as can be seen on the daily chart. In today’s session, SHIB opened lower but quickly tested the lows around $0.000023 with above an average volume. In general, heightened volume with rising in price is a bullish sign.
RSI: The daily Relative Strength Index (RSI) is trading at 45 with a neutral bias while hovering near the average line. The momentum indicator moves along the ascending trend line since February 4.
MACD: The Moving Average Convergence Divergence reads below the midline with increased bearish momentum.
Trading Volume: On Balance Volume (OBV) indicates consolidating volumes as to the price declines.
SHIB bulls will make an attempt to test the 50-day EMA (Exponential Moving Average) at $0.000026.
Furthermore, a decisive close above the upper trendline of the triangle could pave the wave for the horizontal resistance hurdle at $0.000030.
On the flip side, a lower break out of the ‘symmetrical triangle’ pattern would result in retesting of February lows at $0.000020. Next, market participants keep their eyes on lows made on January 22 at $0.000017.
SHIB price depreciated nearly 80% from record highs made on October 28 to the lows made in January. Since then SHIB rallied to swing highs of $0.000035 with increased buying pressure. But bulls lack the conviction to pass beyond the level.
As of publication, SHIB/USD is trading at $0.000023, down 3.07% for the day.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.