In the SHIB/USD market, price action appears to be attempting to reverse the downtrend which began around the 15th of this month. However, there is a need for us to pay closer attention to happening in this market. Consequently, we shall employ the use of a trading indicator in deciding if this could be regarded as a reversal or not.
Shiba Inu’s Forecast Statistics Data:
Shiba Inu’s Price Now: $0.00001231
Shiba Inu’s Market Capitalization: $6.81 million
Shiba Inu’s Circulating Supply: 549.1 billion
Shiba Inu’s Overall Supply: 589.75 trillion
Shiba Inu’s Coinmarketcap Position: #14
Important Levels:
Top Levels: $0.00001231, $0.00001285, $0.00001350
Bottom Levels: $0.00001200, $0.00001150, $0.00001000
Sellers in SHIB Market Went on a Break, Massive Gains on Tama
After Shiba Inu took a sharp correction off a strong resistance around $0.00001700 price has been on a downtrend since then. However, it appears as if that narrative is about to changed at this point as buying activities seem to have resumed. On this SHIB/USD daily chart, we can see that price was pushed upwards by a green candle lately which signifies that the buyer had the upper hand in the trading session.
Nevertheless, the MACD still largely portrays that the downtrend continues. This can be seen on the indicator as the reddish Histogram keeps growing on the negative side. Also, we can see that the curves of this Indicator are plunging towards the negative side as well.
SHIB Price Analysis: SHIB/USD Downward Trend Stays Consistent
Here on the 4-hour chart, indications of a reversal still appear. However, it may be too early to arrive at anything conclusive just yet. On this chart, the Smooth Moving Average curve has come into contact with the price action, and this is a good sign which increases the possibilities of further value increase.
Your capital is at risk.
Furthermore, the MACD indicator line remains in the negative area, although it appears rising into the positive direction. Also, we can see that the MACD lines have crossed, this could be signifying a reversal. Additionally, we can perceive that tiny green histograms are growing gradually in the positive direction and this indicates a steady upward momentum gain. Be that as it may, it will be advisable only to place a pending order in this market of $0.00001300. If the trend gains significant upward momentum then the trend will be caught and utilized.
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Source: https://insidebitcoins.com/news/shib-attempting-a-price-upward-correction-tama-to-pump-furiously