- The SHIB token price is obtaining strong support from the 20-day EMA
- The SHIB/BTC pair was trading at 0.000000000487 BTC with a gain of 3.2%
- The 24 hr trading volume in SHIB is $3.4 Billion, indicating a 32.8% loss
As mentioned in my previous article on SHIBA, the token price was rejected from the resistance $0.000035 mark and entered into a minor retracement phase. This short pullback found its support from the $0.0000206 mark and bounced back from it. Furthermore, Looking at the big picture, the technical chart shows a Cup and handle pattern in the daily time frame.
As per the EMA’s, The SHIB token displays a strong uptrend as its price is trading high above the crucial EMA’s 20, 50, and100.
The RSI (BULLISH) value is 77, indicating a strong bullish sentiment in this token.
SHIB Token Chart In The 4hr Time Frame
The SHIB token price is currently obtaining good support from the $0.00002 mark, preparing to rise again towards the higher levels. This whole retracement phase could be serving to create the handle portion of the bullish pattern.
The neckline for this pattern is at $0.000035, and the crypto trader can grab an excellent long trade once the price provides a proper breakout from this resistance. The current price of the SHIB token is $0.000027, with an intraday gain of 4.55%.
The Super trend indicator suggests the uptrend for the SHIB token.
The moving average convergence/divergence indicator shows both the signal and MACD line moving above the neutral zone, indicating the bullish momentum is still intact.
Conclusion: From the technical perspective, the overall trend of the SHIB token is strongly bullish. And as mentioned above, the token price suggests the continuation of its rally, and in this process, it is also preparing another bullish pattern. The crypto trade can add this coin to their watchlist so that they won’t miss such an opportunity.
Support– $0.0000253
Resistance– $0.00003