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HomeCryptoShiba Inu Defending Key Support: Are Short Gains Limited? money moguls

Shiba Inu Defending Key Support: Are Short Gains Limited? money moguls


Disclaimer: The information presented is not financial, investment, trading or other advice and is solely the opinion of the author.

  • SHIB was on the verge of a bullish MA crossover.
  • If the bulls clear a major hurdle, the rally could extend further.

Shiba Inu (SHIB) There was a strong rally after retesting the support at $0.00001030. At the time of writing, Meme Coin price action was on the verge of a bullish crossover, a bullish sign that could spur further recovery. However, the bulls must overcome a major hurdle to advance recovery efforts.

Reading Shiba Inu (SHIB) Price Prediction 2023-24

Bitcoin (BTC) recaptured its local high of $26K and could further fuel the SHIB rally if King Coin does not fall below recent highs.

Can the bulls break through the $0.00001091 barrier?

Source: SHIB/USDT on TradingView

SHIB’s decline was halted by the support at $0.00001030 after price rejection at the key selling pressure zone below $0.00001200. SHIB faced a strong rally at press time but is nearing another key resistance at $0.00001091.

If the bulls clear this hurdle, SHIB could either retrace or advance towards $0.00001133. This will take advantage of the bulls to reclaim the selling pressure zone below $0.00001200, which could send SHIB back as most holders are likely to dump holdings at the level to lock in short-term gains. .

A breach of the $0.00001030 support could attract increased selling, but the decline could slow to $0.00000987. Therefore, the lower support level can act as a short sell target.

The 3-hour chart showed a possible bullish MA crossover with a golden cross, as shown by the MACD (Moving Average Convergence Divergence). Confirmation of the MA cross could allow the bulls to get more leverage and bypass the immediate hurdle at $0.00001091.

The Relative Strength Index (RSI) was slightly above the 50 mark, showing limited leverage for bulls, but may not completely wipe out bears until the immediate hurdles are cleared.

SHIB’s trade exit speeds up, but…

Source: Feeling

Based on sentiment, SHIB exchange outflows intensified, suggesting additional outflows from exchanges, signaling near-term accumulation. Additionally, sentiment moved slightly into the positive zone, indicating bullish sentiment that could fuel a recovery.

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However, the long/short SHIB ratio of the trade shows that the bears had a fair lead on the 4-hour time frame at the time of writing.

This indicates that the bears cannot be ruled out, especially as the price action reached the key resistance level of $0.00001091. Tracking the movement of BTC can provide better trading opportunities.

Source: Coinglass


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