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Shiba Inu Nears Price Breakout, Here's What Indicators Suggest

Thu, 09/08/2022 - 12:26
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Tomiwabold Olajide
Bulls seem to be giving it their best shot
Shiba Inu Nears Price Breakout, Here's What Indicators Suggest
Cover image via stock.adobe.com

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As seen across hourly and daily timeframes on Shiba Inu trading charts, the SHIB price is attempting a breakout past the moving average (MA) barrier. On the daily chart, Shiba Inu is attempting to burst through the MA 50 at $0.0000125 to continue its positive rebound from the Sept. 6 lows of $0.0000117.

The bulls seem to be giving it their best shot in an attempt to squash this barrier, but this has yet to yield success at press time.

If the buyers manage to push SHIB past the MA 50 at $0.0000125, the price may aim for the next barrier at $0.0000134 ahead of $0.0000147. If the enormous buying volumes seen on Aug. 14 repeat, Shiba Inu might target, in one shot, the $0.0000179.

On Aug. 14, Shiba Inu was a top gainer on the market as it printed one massive green candle after more than two weeks of consolidation. Shiba Inu rose from lows of $0.0000126 to reach highs of $0.0000179 on Aug. 14 before it retreated.

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Shiba Inu (SHIB) on Verge of Major Price Move; Here's Why

Currently, such consolidation that typically results in a breakout is being pointed out by indicators presently. The RSI indicators across timeframes are near the neutral level of 50, which suggests that SHIB might engage in range trading before the next major move. However, it should be borne in mind that, presently, the markets are being dictated by "macro factors" that put technical indicators to the test.

Community fireside chats for SHIB: The Metaverse WAGMI temple

Over the weekend, Shiba Inu unveiled its WAGMI Temple First Concept Art Reveal. The Wagmi temple, one of the hubs being developed by The Third Floor (TTF) studio and the Metaverse team, is created to bring a zen-like realm with calming sensations, meditation, natural beauty and "spiritual connections" to the world.

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Shiba Inu Shares Mysterious Tweet, Here's What Community Made of It: Details

To fully understand and commit to community feedback, the Metaverse team has announced it will broadcast fireside chats throughout portions of the Metaverse's creative process to address questions, ideas or concerns directly from the community as the environments evolve. These chats will be hosted on the official Shibatoken Discord, with plans to also host some Fireside Chats on other platforms in the future.

As shared by SHIB BPP, a community-focused Twitter account, the fireside chat for the WAGMI temple will be held on Sept. 8 at 8 p.m. EST on the Shib Discord channel.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.