Shiba Inu has become a force to be reckoned with. As buyers provide the necessary fuel to consolidate its position around the 14th spot as per the latest market capitalization, the value is $6,772,164,693. The recent reshuffling with prices momentarily breaching 200 EMA created the perfect scenario for profit booking.
As soon as the price hit 200 EMA, a profit booking candle was created the very next day, giving a strong vibe of the upcoming profit booking trend and its stability. Despite getting beaten multiple attempts, SHIB has once again gained strong traction from buyers, who are considering developing $0.00001168 as the current support level.
Meme coin or not, the support of buyers has displayed its strength in the price action. When the market leaders are facing a downfall and strong profit booking, Shiba Inu is consolidating for the perfect opportunity to mark a breakout.
Shiba Inu is making consistent attempts to break out of its latest developing consolidation trapped in price action. Breaching its 100 EMA curve is important to bring back confidence in the positive price projection possibilities of SHIB. Visit here to know a detailed SHIB price analysis and projections.
After testing the support level that helped the significant breakout candle on August 14, we are witnessing the strength of buyers at the same level again. The 100 EMA curve is still the strong pivot point that is capable of propelling the SHIB candlestick towards the greener side, and sellers are also considering this level as a point of reaping the benefits of their holdings.
Since this scenario for SHIB has been repeated twice so far in the last month, the probability of buying at new levels increases the probability of an uptrending market. RSI for Shiba Inu had momentarily breached overbought zones indicating a positive market, but the current status is more towards wait and watch. The MACD indicator, however, is moving towards a strong breakout projection with an expected bullish crossover on the crosshairs of buyers.
On weekly charts, things were going pretty strong for SHIB, but so far, we have learned that strong upside movement carries a higher risk of profit booking. In the currently developing scenario, Shiba Inu has displayed some strength and rejection in a very narrow zone. $0.00001168 has become support, but at the same time, $0.00001703 has become a strong rejection point.
In terms of larger technical indicators both RSI and MACD are protecting towards a consolidative price action. Any breakout attempt of SHIB in a consecutive fashion would result in creating more pressure on buyers to book profits. Similarly, a downfall from current levels would create the scenario to add more tokens to their portfolio.
Enthusiastic buyers should ideally wait for a breakout before making a hasty entry into Shiba Inu cryptocurrency.
Compiled by Metacrunch. Metacrunch is a news complier and aggregator platform which aims to spread awareness and updates on Metaverse, Web 3.0 Technology, Blockchain, Cryptocurrency, NFTs, Airdrops and many more.
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