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Shiba Inu (SHIB) Hits Dramatic Reversal

Thu, 25/04/2024 – 8:39

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Shiba Inu has hit a turning point. After climbing toward the 50 EMA, SHIB has faced a dramatic reversal at the 50-day EMA. This pivot away from the 50 EMA suggests that SHIB’s momentum is cooling off, coinciding with a broader trend of diminishing power on the cryptocurrency market.

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The reversal comes amid neutral trading volume, implying a lack of commitment from traders to push SHIB’s price in either direction. The market’s hesitation is also reflected in the RSI, sitting at a middle-ground value of 50, which typically indicates neither an overbought nor an oversold condition. RSI somewhat mirrors the market’s current indecision.

SHIBUSDT
SHIB/USDT Chart by TradingView

SHIB’s inability to secure a breakthrough above the 50 EMA reflects the current state of the market, which lacks buying power across different assets. The support level at $0.000021 stands as SHIB’s immediate floor. A breach below this line could signal a further decline, with potential support at the lower boundary of the trading channel near the $0.000012 mark.

If SHIB manages to rally back and conquer the 50 EMA, it would open the possibility of targeting higher resistance levels. The first zone of contention would be the recent high around the $0.00003 range. However, SHIB’s journey upward may not be smooth, as it will require significant market participation and a change in sentiment to fuel such a rise.

SHIB’s next moves hinge on whether it can find the strength to bounce back from its current levels or if the market’s pause is a prelude to a deeper retracement. We should keep on tracking the support at $0.000021 and the reversal from it. 

There is a high chance of a strong and fast bullish retracement, and signing SHIB off has proven to be imprudent decision.

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