- The RSI line indicates a bearish divergence concerning the SHIB token’s price
- The SHIB/BTC pair is trading at 0.000000000419 BTC with a loss of 0.26%
- The 24 hr trading volume in SHIB token is $2.91 Billion, indicating a 22.99% loss
As mentioned in my previous article on Shiba Inu, the token price managed to hold above the $0.0000245, indicating a lower price rejection candle at this support. As for today, the price has not yet provided a follow-up candle on either side. However, the technical chart displays the Cup and Handle pattern intactpattern is intact in its daily time frame chart.
About the EMA’s: The SHIB token displays a strong uptrend as its price is trading high above the crucial EMA’s 20, 50, and 100.
The RSI (BULLISH) value is 64., indicating a strong bullish sentiment in this token. However, the RSI line has shown a steady decline in its chart, suggesting the decreasing strength of the market buyers.
SHIB Token Crypto Chart In The 4hr Time Frame
Yesterday, the SHIB token tried to bounce back from the 0.382 FIB level with a bullish engulfing candle. However, the price was immediately rejected from the 20 EMA line and is still hovering above this FIB support level. The current price of the SHIB token is $0.0000256, with an intraday gain of 1.6%.
The Super trend indicator projects an uptrend in this lower time frame chart.
The MACD indicators show that both the signal and MACD line have just dropped below the neutral zone(0.00), indicating bearish momentum in the price.
Conclusion: From the technical perspective, the overall trend of the SHIB token remains bullish, and as mentioned in the bigger picture, the chart shows a Cup and handle pattern. However, the token price is still trying to sustain above the $0.0000245 mark, and for the bullish pattern to work, the price needs to provide a proper breakout from the $0.0000355 mark.
Support– $0.000025
Resistance– $0.0000276