On Thursday, Shiba Inu coin (SHIB) surged by 3.41%, reversing a previous loss of 3.18% on Wednesday to close at $0.00000819. Despite seeing the bullish session, SHIB was unable to remain above sub-$0.00000800 level again in the same day before closing out trading for that period.
SHIB Network News Triggers Bullish Momentum
The bullish momentum that pushed SHIB to its target at $0.00000850 came from the Shiba Inu Network’s announcement of an upgrade in their Shibarium, a ‘SNIP’ (Shiba Inu Improvement Proposal).SHIB enjoyed a more bullish Thursday session, with talk of the Shibarium upgrade driving demand. On Thursday, SHIB developer Shytoshi Kusama tweeted.
However, this morning’s session has seen the SHIB/USD pair break out from a mini-rally and surge higher to reach its target of $0.00000850 just before noon UTC time. This morning, SHIB experienced a downturn which saw it drop to its lowest point of $0.00000788. Fortunately, the coin managed to avoid breaching First Major Support Level (S1), and instead rallied through the afternoon reaching an apex of $0.00000828 – surpassing First Major Resistance Level (R1) in the process – before closing out at $0.00000819 for the day’s trading session.
Shiba Inu Technical Analysis
Shiba Inu price analysis shows SHIB is trading at $0.000008015, up by 1.40% and consolidating sideways, halting the mini-rally and forming a triangle pattern. The next major resistance level seen for SHIB is at $0.00000835, with support coming in at $0.00000780. With the bullish sentiment currently surrounding SHIB, traders can expect this coin to continue to move further up past its current target of $0.00000850.
The EMAs pose a bearish sign, with SHIB located beneath the 50-day EMA currently at $0.00000821. This morning, the 50-day EMA drifted away from the 100-day EMA while the latter moved farther away from its 200-day counterpart. These signals are pointing to an unfavorable for the bulls.
If SHIB breaks through the 50-day EMA ($0.00000821), it could signify a break out from R1 ($0.00000835). This would indicate that the 100-day EMA ($0.00000840) and R2($0.00000852) are within reach, providing a bullish signal to investors. However, if SHIB fails to move above the 50-day EMA, then its future outlook is uncertain with possible pressure on prices as we look forward toward a 200-day EMA at $0.0000875.
SHIB’s day started off with a wild ride, rocketing up to $0.00000822 in the morning before slipping down to $0.00000807 later on.SHIB must remain above the pivot of $0.00000812 to reach its primary resistance point (R1) at $0.00000835 for a bullish afternoon session. However, SHIB’s movements will be largely dictated by news on the Shibarium update and how it resonates in correlation with other cryptos in the market. A return to the price point of $0.00000820 would indicate SHIB is likely headed towards further growth later today.
The technical indicators show positive signs for SHIB. The MACD is trending upwards and currently in the bullish zone, signaling a buy signal with an upward direction of price movement in the upcoming hours. The RSI is also pointing upwards, at 56%, showing that it has some room to move up before reaching overbought status.
Looking at the moving averages, SHIB’s price is set to climb above the 50-period MA and 200-period MA, both of which are trending upwards in tandem. This suggests that the coin is poised for further growth as it nears its target at $0.00000850.
Overall, SHIB is looking bullish today with strong support from the Shibarium upgrade news and positive technical indicators pointing towards a higher price point. Looking at the possible retracement levels, traders may use this dip as an opportunity to enter long positions. While the coin is currently ranging sideways, a break above $0.00000850 could see SHIB reach its next target point at $0.00000860 later today or tomorrow.
