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A possible boost for Shiba Inu’s price could happen around April 17, according to what we see on the charts. Around that time, the 50-day Exponential Moving Average (EMA) might meet up with the current price of SHIB. If this happens, it could mean good news for SHIB’s price, giving it a price zone to rely on when moving upwards.
Moving averages act as local support levels for prices; they usually represent dynamic support levels and provide thresholds where investors buy or average down their positions. For SHIB, this coming together with the 50 EMA is important. It could make traders feel more secure, thinking that the price might not go lower than this particular point. Because of this, more people might want to buy SHIB, hoping for a rebound.
Looking at the chart, SHIB is now trading around $0.000027. It is close to the 50 EMA. Recently, SHIB has experienced a consolidation after a short-term correction.
If SHIB’s price can stay over this 50 EMA as it climbs, it will show the presence of bullish tendencies on the market. We are keeping an eye on the price of $0.00002987 — SHIB has had trouble getting past this before. If it can break past this point, the next target could be $0.00003200.
If SHIB can really use this EMA line as support, we could see it start to grow. This support might help the price jump up faster.
Unfortunately, there is no distinctive way to tell whether or not SHIB will bounce after meeting the 50 EMA. However, staying cautious could be the key here, as SHIB is notorious for its volatility and sudden price drops.
Dan Burgin
U.Today Editorial Team
