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Shiba Inu (SHIB) build-up at this price level could be profitable

Shiba Inu (SHIB) price is above the 20 EMA and 50 EMA with the bulls controlling the pace.

  • Shiba Inu showing a strong bullish trend
  • Trailing SHIB above 20 EMA and 50 EMA
  • SHIB will retest at the $0.0126 mark.Suggests high volatility

SHIB has seen strong buying activity last month as the popular dog meme coin remained flat in the $0.01239 to $0.0126 range.

SHIB rose 2.38%

According to CoinMarketCap, Shiba Inu is up 2.38% and is trading at $0.00001259.

At this point, if buying intensifies and the price retests $0.0126, we might expect a bullish breach after the slow phase.

Buyers face hurdles in the supply zone that will try to prevent collection of dog meme coins. amplifying.

The 20 EMA and 50 EMA are primed for support following the bull market. With the price of SHIB stuck in the EMA for quite some time, the coin is poised to break through the squeeze point and move into volatile waters in the next few days.

Additionally, the Shiba Inu has revealed an ascending triangle pattern releasing a bullish streak, as seen on the 4-hour chart.

SHIB Retest $0.0126 Zone

A closing price above $0.0126 verifies a possible violation. When this happens, the SHIB will likely recover and move towards the $0.0131 to $0.0133 zone. However, if the SHIB cannot afford to close above this range, it will encourage a move closer to the EMA.

The RSI has also surged over the past two days. Here the buyer has to violate the 59 level limit to increase the recovery rate. The DMI is strong, supporting the bullish move of SHIB, but the direction of ADX or altcoins seems rather weak.

Buyers are looking to intensify activity in the next session as we see a bullish position close to the $0.0126 resistance level. A reversal that now arises from burrowing resistance can mean a period of sluggishness, and the target may not move as intended.

On the bright side, SHIB shares an 88% spike in 30 days with the king of cryptocurrency Bitcoin. With that in mind, Bitcoin moves will impact SHIB performance and overall market sentiment.

SHIB total market cap at $6.8 billion on the daily chart | Source: TradingView.com

Featured image from The Motley Fool, Chart from TradingView.com

Shiba Inu (SHIB) build-up at this price level could be profitable

Source link Shiba Inu (SHIB) build-up at this price level could be profitable

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