- If the ADX rises above 25, SHIB might jump higher.
- A decline in buying pressure could force SHIB back to $0.0000090.
- SHIB’s price could hit $0.000010 if bulls breach the $0.00000967 resistance.
Shiba Inu’s (SHIB) sideways movement over the last few weeks has been disrupted by a 2.11% increase in the last 24 hours. Previously, SHIB corrected for some time, leading the price to drop to $0.0000088.
But at press time, the token was trading at $0.00000938. The bounce could be linked to the broader market recovery, which saw Bitcoin (BTC) rise above $46,000. However, BTC’s and SHIB’s correlation has decoupled over the last year. Therefore, using Bitcoin as a benchmark for trading SHIB might not be the best option.
SHIB/USD 4-Hour Chart
From the SHIB/USD 4-hour chart, volatility grew based on indications from the Bollinger Bands (BB). Furthermore, bulls displayed a resolve to challenge the $0.00000967 resistance.
If buying pressure continues to build up and bulls defend the $0.00000915 support, then SHIB might breach the resistance. Should this happen, SHIB might delete one zero, which takes the price back to $0.000010.
Indications from the Movi…
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