SHIB price is hovering in a narrow range and took support on the 50-day EMA over the past few sessions. Amid the market pump, the SHIB price did not attain strength and is facing rejection around $0.00001100. Recently, the SHIB coin retested the swing hurdle and formed a rejection candlestick. Afterward, buyers took off their profits from the table, and a retracement was witnessed on the charts.
SHIB price is trading close to the round mark of $0.00001000 and shows volatility on the chart. Moreover, the price action signifies that buyers are trying to sustain gains above the 20-day EMA, but sellers did not permit them, resulting in a rejection in recent sessions.
At press time, SHIBA INU (SHIB) was trading at $0.000009865 with an intraday gain of 2.62%, showing a pullback from the 50-day EMA. Moreover, the trading volume spiked by 4.80% to $217.42 Million, highlighting decent investor interest. The pair of SHIB/BTC was at 0.000000000224 BTC, while the market cap was $5.83 Billion. Analysts have maintained a neutral rating and suggest that the SHIB price will continue to showcase volatility and may face profit booking in the following sessions.
SHIB on Daily Chart Displays Rising Parallel Channel
On the daily chart, SHIB price showcased a higher high swing and is stretching the reversal inside the channel for the past sessions. SHIB price has recovered over 50% of its gains in the past weeks, highlighting buyers’ accumulation. Furthermore, the buyers persisted in adding long positions and are setting their vision to crack the supply zone of $0.00001100.
The relative strength index (RSI) curve is sailing close to the midline near 50 and could bounce in the coming sessions. Its chart shows a positive divergence. The MACD indicator showed a bearish crossover and formed red bars on the histogram, indicating a volatile outlook on the chart.
Will SHIB Price Retest 100 Day EMA?
On the weekly charts, the SHIB price has attained a reversal and broke out the trendline of the falling wedge pattern. Afterward, buyers gain traction and stretch the buying momentum to retest the 100-day EMA mark. Furthermore, the trend is strong, and buyers have persisted in showing dominance and are looking to surpass the immediate hurdle of $0.00001100 to initiate a breakout.
Summary
SHIB price has supported the 50-day EMA mark and is noted a pullback from it, indicating a rebound on the charts. Moreover, the technical indicators suggest that the SHIB price has done its retracement and is readying for a bounce to retest the swing hurdle of $0.00001100 in the upcoming sessions.
Technical Levels
Support Levels: $0.00009800 and $0.00009650
Resistance Levels: $0.00001080 and $0.000011100
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
Source: https://www.thecoinrepublic.com/2024/01/05/shib-price-prediction-shib-poised-gains-near-50-day-ema/