The correction phase that started in November last year took a significant toll on SHIB token prices. The pair lost 65% of its value and plunged to $0.000031 support. However, the price is obtaining decent demand pressure from the bottom support, suggesting an upcoming rally. Moreover, recent news for this token is that Australia’s longest-running crypto exchange, ‘CoinJar,’ will be listed Shiba Inu with six other coins.
Key technical points:
- The SHIB price crossing above the 20 and 100 EMA in the daily time frame chart
- The daily RSI line approaching the neutral line from below
- The 24-hour trading volume in the Shiba Inu coin is $1.56 Billion, indicating a 20.6% loss.
Source-Tradingview
As mentioned in my previous article on Shiba Inu, this pair plummeted to the crucial support of $0.000031 and entered a narrow consolidation. The token price has been resonating between $0.0000375 and this bottom support for more than three weeks.
On December 20, the coin price experienced intense selling pressure, which made a low of $0.00002885; however, the bulls stepped in and turned the price with a Doji-type candle by the end of the day. Furthermore, the coin shows a strong follow-up candle charging towards the overhead resistance of $0.00003775.
The SHIB token still price maintains a bullish trend as the price is trading above the 200 EMA. Moreover, the new rally is reclaiming the 20 and 100 EMA lines.
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The daily Relative Strength Index (46) shows an impressive recovery similar to the price action. Its line could soon reach the middle line with the hope of bullish crossover.
SHIB/USD 4-hour time frame chart
Source- Tradingview
The SHIB token price shows a V-shaped recovery in this lower time frame chart. The token is currently trading at $0.0000348, indicating a 14% growth from lower support. Anyhow, the token still needs to breach and sustain above the $0.00003775 resistance, providing a better confirmation for a bull rally.
The Moving average convergence divergence indicator for the 4-hour chart shows the MACD (blue), and signal (orange) lines have recently crossover above the neutral zone, indicating a bullish momentum in the price.
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