Shiba Inu has suffered corrections in its journey to one of the best meme coins. SHIB lost around 66% of its price and plummeted towards the support of $0.000031. Nevertheless, the dog coin collects lucrative demand momentum from bottom support, indicating an imminent rally. The coin enjoys positive news. That’s after Australia’s renowned exchange, CoinJar, declared listing six digital currencies, including Shiba Inu.
Vital Technical Points
- Shiba Inu witnesses its price crossing beyond the 20- and 100-EMA.
- The daily Relative Strength Index nears the neutral level from below.
Shiba Inu (SHIB) has witnessed downtrends towards the $0.00031 crucial support and entered a constricted consolidation. The meme crypto has resonated within this bottom support and %0.0000375 for over 21 days.
The coin’s price saw massive selling momentum on 20 December, translating to the $0.00002885 low. Nevertheless, bulls stepped up and registered a Doji-type candlestick before the day ended. Moreover, the dog crypto displays a massive follow-up candlestick heading towards upward resistance at $0.00003775.
Shiba Inu’s price retrains bullishness as it maintains beyond the 20 exponential moving average. Furthermore, the new upsurge reclaims the 20 EMA and 100 EMA. The daily RSI (46) indicates a lucrative recovery like price actions. The Relative Strength Index might touch the midline soon while hoping for a bullish cross.
SHIB/USD 4Hr Chart
Shiba Inu’s price flashes a V-shaped price recovery on the low time frame chart. For now, the altcoin trades at $0.0000348, reflecting a 14% increase from the bottom support. Nevertheless, SHIB requires an upward break and stabilization above the resistance of $0.00003775, confirming a bullish rally.
According to the 4hr Chart’s Moving Average Convergence Divergence, signal lines and the MACD crossed past the neutral territory recently, confirming a bullish strength in Shiba Inu’s price.
The New Year seems to ring a price recovery bell for SHIB. The coin will witness steady upsurges by keeping its current momentum. Meanwhile, support from the overall crypto market is essential for the canine-themed token rally. SHIB’s upcoming sessions might depend on sentiments in the global marketplace. For now, the crypto atmosphere displays bullish waves after positive price actions since yesterday. Maintaining such developments will support Shiba Inu’s uptrend.
