- The RSI value has entered into the overbought zone
- The SHIB/BTC pair was trading at 0.000000000433 BTC with a gain of 48.35%
- The 24 hr trading volume in SHIB is $14.6 Billion
As mentioned in my previous article on SHIBA, the token price was wobbling between the $0.00000950 to the $.0.0000055 mark for approximately five months. However, on 4th October, this token was finally free from this accumulation phase, when the price gave a decisive breakout from the overhead resistance of this range, providing an excellent long opportunity for crypto traders.
Concerning the EMA’s, the SHIB token price is trading high above the crucial EMA’s 20,50 and 100 EMA, indicating a super bullish momentum in this token.
The RSI (BULLISH) value is 92, indicating a strong bullish sentiment in this token. However, the RSI line has also entered the overbought zone, and therefore new buyers should be cautious before entering the market.
SHIB Token Price Obtaining Strong Support From The 20 EMA Line
The SHIB token showed a remarkable rally in his chart, where the price rose around 180% in just three trading days. In this new uptrend, the token price provided some minor retracement, which seemed to be taking their support from the 20 EMA. This EMA line acts as strong dynamic support, and it is the first barrier the sellers have to face if they want to drop this price. The current price of the SHIB token is $0.0000228, with an intraday gain of 33.5%.
The moving average convergence/divergence(MACD) indicator (BULLISH) shows both the MACD line and the signal lines moving higher than the neutral zone, indicating bullish momentum in the market.
Conclusion: From the technical perspective, the overall trend of the SHIB token is strongly bullish. And as mentioned above, the new rally is bouncing from the 20 EMA of the hourly time frame. However, these traders should follow strict risk management as the RSI has already moved to the overbought zone.
Support– $0.00002283, $0.00001940
Resistance– $0.0000278