This analysis multiplies SHIB prices by 1,000 for brevity.
Sellers dragged Shiba Inu towards $0.00738 after the past bear run as the southbound Exponential Moving Average ribbons overstretched. This multi-year foothold supported the efforts by buyers to trigger a much-required bullish overturn on the EMA ribbons.
SHIB’s recovery met the ceiling at $0.01217 as buyers increased their pressure gradually. The EMA ribbons’ bullish flip might bolster the altcoin to secure a break beyond $0.012 in the upcoming sessions. While publishing this post, SHIB traded at $0.01206.
Shiba Inu Daily Timeframe
The alt’s latest growth saw a classic fight between sellers and buyers around the POC (Point of Control) region. Meanwhile, this increased liquidity level ensured flatter highs over the past seven weeks.
Meanwhile, the flatter peaks plus consistent troughs growth within the past 25 days saw SHIB printing an ascending triangle pattern on its daily chart.
This formation highlighted an underlying buying strength boost. Meanwhile, the 20-50 Exponential Moving Average bullish cross corroborated with the buying preference to halt that.
Buyers would target a break past the $0.012 shackles. Considering the asset’s overstretched squeeze within the previous month, Shiba Inu might dip into a high volatility period in the upcoming days.
Breaching beyond the nearest ceiling might help the canine-themed crypto to test $0.01382. Contrarily, reversals would possibly trigger pullbacks toward $0.0104 before revivals emerge.
The Relative Strength Index displayed a brief bullish edge after the indicator struggled to snap 59 several times. The RSI should ensure a decisive clone above the resistance to increase the probability of possible price breakouts.
Nevertheless, the Chaikin Money Flow surrendered its zero-line support and confirmed a selling edge. Furthermore, its latest troughs triggered a bullish divergence with SHIB prices.
The Aroon up kept its spot beyond the Aroon down, highlighting a brief bullish edge. The Aroon up needs an ideal bounce back from the support at 42 – 50% to retain the bullish preference.
Considering the ascending triangle pattern plus the EMAs’ bullish flip, Shiba Inu might witness a possible breakout. Targets would stay as revealed above. Meanwhile, SHIB investors should watch BTC’s actions as the meme coin boasts a massive 90% correlation with Bitcoin.