- SHIB’s bullish momentum could be validated if the price continues to close above the 9 and 20 EMAs.
- A rejection at $0.00000988 on the daily timeframe could send the price to $0.0000088.
- An increase in volatility and buying pressure might trigger a jump beyond $0.00001156.
Shiba Inu’s (SHIB) price action since February 7 has shown that the token could soon be completely out of its bearish phase. Between January and February 6, SHIB’s trend was downward, as the price went from $0.00000934 to $0.00000890.
However, a few days later, SHIB breached the $0.00000934 resistance, in preparation for the next leg up. This climb validated the bullish thesis and sent the price as high as $0.00000963. If there is a spike in selling pressure, SHIB might retrace to $0.00000915.
SHIB/USD 4-Hour Analysis
But indications from the 4-hour chart showed that the cryptocurrency seemed prepared for another uptrend. The 9 EMA (blue) closed at $0.00000951 at press time. The 20 EMA (yellow), on the other hand, closed at $0.00000946.
A position like this is considered bullish, and since SHIB’s price broke abov…
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