Shiba Inu Price Analysis : SHIB Price Advances Toward $0.000035 Amid Bullish Formation

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.

Also Read : Shiba Inu Price Prediction 2022 : Will SHIB be the next Luna ?