SHIB price continues to move sideways for the fifth session in a row. The price takes support near the critical 50-day EMA. Traders are advised to wait for a decisive break out of the trading range before taking any aggressive bids.
- SHIB price consolidates with a positive bias on Tuesday.
- A bullish formation on the daily chart indicates impending bullish momentum.
- The downside is capped near the 50-day EMA at $0.000025.
As of press time, SHIB/USD trades at $0.000026, up 0.49% for the day. The 24-hour trading volume of the token holds at $836,767,112 with a loss of 24% as per the CoinMarketcap.
SHIB price trades sideways
On the daily chart, SHIB price consolidates below $0.000028 for the past few sessions. The price has formed a bullish reversal formation ‘ cup and handle’. The asset found reliable support around $0.000020, while the price retraced from the highs of $0.000029.
The probability of price falling below the 50-day EMA (Exponential Moving Average) looks less optimistic. The formation of multiple ‘Doji’ candlesticks suggests sellers are exhausted near the moving average.
Now a decisive break of the upper trendline of the formation will meet two immediate upside targets at $0.000028 and $0.000030.
Furthermore, the $0.000030 mark remains a crucial level to trade. An extended buying could push the price toward the ultimate target of $0.000035.
On the flip side, a spike in sell orders could disapprove of the bullish outlook on the asset. In that case, a fall below the 50-day EMA at $0.000025 could meet the horizontal support level at $0.000020.
Technical indicators:
RSI: The daily Relative Strength Index oscillates above the average line with a neutral bias. Any uptick in the indicator would advocates for the bullish bias.
MACD: The Moving Average Convergence Divergence trades above the mid-line.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/shiba-inu-price-prediction-shib-price-advances-toward-0-000035-amid-bullish-formation/