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Shiba Inu has reversed its trajectory above the 200 EMA at $0.00002082, avoiding a critical breakdown. SHIB has proven resilient after testing this crucial support level and enduring a bearish wave, which is much-needed relief for its investors. The 200 EMA, which is frequently regarded as the boundary between bullish and bearish trends, was perilously close to SHIB's price over the last few days.
Falling below this level might have started a more severe decline and marked the start of the asset's bear market. But SHIB's recovery above this level points to fresh buying interest, laying the groundwork for possible short-term sideways movement. The 26 EMA and 50 EMA, which are situated at $0.00002242 and $0.00002271, respectively, are resistance points for SHIB, which is currently trading at $0.00002134.
The asset would need to break above these levels in order to resume its bullish momentum. On the other hand, SHIB might find itself oscillating in a small range, with the 200 EMA serving as a crucial support, if it is unable to get past these obstacles. With the Relative Strength Index (RSI) at 45 right now, SHIB is in a neutral zone.
Alex DovbnyaThere may be opportunity for additional consolidation, as this indicates that the asset is neither overbought or oversold. Additionally, trading volume has leveled off, suggesting that the recent panic-selling may be abating. Even though SHIB's capacity to stay above the 200 EMA is encouraging, it is still unclear where the market will go. The asset must overcome current resistances and set higher lows in order to validate a more robust recovery.
As long as the 200 EMA is successfully defended, there is hope for sideways movement, which will allow the market to regain confidence and prepare for future growth. Investors should keep a close eye on important levels as SHIB moves through this crucial period.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Alex Dovbnya
Dan Burgin
Vladislav Sopov