Shiba Inu is set to transcend immediate hurdles as whales enter SHIB waters, causing high tides. The spike in the delivery volume perishing through the multiple EMAs is an early gesture of an ample move. Bulls are now holding momentum, pausing near the important Fib level of 50%.Moreover, the token is well stimulating above its significant moving averages.
Shiba Inu is trading at $0.00001323 with a flat move of 0.01% (at press time). At the same time, the trading volume dropped by 29%. Bulls are stretching their muscles and aiming for a fresh breakout of a bullish flag pattern.
Daily chart shows clear sighting of a bullish pattern
On the daily chart, SHIBA token exhibits fairly bullish strings with the upright action of buyers. The price action indicates that the bulls are attempting to propel through the neckline of the flag pattern. Moreover, the token is keen to escape the supply zone of $0.00001500, which is the immediate hurdle.
When the token was in the correction phase in the past weeks, bulls made a base near $0.00000800 and shaped a double-bottom pattern. Afterwards, the buyers accumulated prices from the demand zone and leaped by 30% over the last 20 trading sessions.
Short-term cart conveys incremental bent move
On the 4 hour-chart, SHIBA was trading inside the rising parallel channel forming higher highs and higher lows. This gradual upside action since the beginning of 2023 is a promising cue for the forthcoming months for buyers.
SHIBA token is now on the verge of showcasing a much-awaited move if it transits above $0.00001500 in the next few sessions. The Bollinger band is now converging and is likely to smash the upper end. Moreover, the token aims to retest the previous high of $0.00001800 (red line). Last year, the token was trading in a narrow range. The Bears are attempting to break the bulls’ stamina by pushing it back to the support zone.
What do the traditional indicators say?
RSI: The RSI curve is at 50, indicating mere neutral signs, taking a nap after the bulls’ prosperous comeback. The token lost momentum in the last 24 hrs.
MACD: The MACD indicator indicates mild bearish phenomena, but the crossover is yet to happen in the upcoming sessions, which favours the bulls.
Technical Levels
Support Levels:$ 0.00001100
Resistance Levels: $0.00001500 and $0.00001700
Conclusion
SHIBA token price aims to retest the previous highs by filling out gaps which. This week, the token jumped by 15%, rewarding its investors. Moreover, the huge volume additions this week indicate that the token is ready for a big move. Further, the Shiba Layer 2 program (Shibarium) is almost ready to be launched in the upcoming days.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/02/19/shiba-inu-price-prediction-bulls-seek-to-attain-earlier-swings/