SHIB Technical Analysis: Shiba Buyers Ready To Break 200-day SMA
Table of contents
Key Technical Points:
Past Performance of SHIB
As we mentioned in our previous analysis, the Shiba Inu (SHIB) price exceeds the supply zone at $0.000012 with a 33% jump on 14th August. However, the breakout rally reverses from the 200-day SMA to test the $0.000015 mark before regaining the prevailing trend momentum. Furthermore, the spike in trading volume supporting the breakout candle increases the likelihood of an uptrend continuation.
Source - Tradingview
SHIB Technical Analysis
The 6.6% jump in the SHIB prices pierces the retest candle and nullifies the possibility of a $0.000014 retest. Hence, traders can find short-term buying opportunities in the current market conditions. The increasing gap between the 50 and 100-day SMA after the recent bullish crossover increases the uptrend possibility.
The MACD indicator displays an increase in the bullish gap between the fast and slow lines as the uptrend gains momentum. Furthermore, the rising trend in the positive histograms reflects an increase in underlying buying pressure. The daily RSI line spikes to sustain above the overbought boundary, reflecting the increased possibility of a prolonged uptrend.
In summary, the SHIB technical analysis maintains the bullish bias for the upcoming price trend as the buying pressure increases.
Upcoming Trend
As the demand for the meme coin increases, the SHIB prices may rise above the 200-day SMA to test the $0.000020 mark.
Resistance Levels: $0.000018 and $0.000020
Support Levels: $0.000015 and $0.000012