• 14 July, 2024
Market News

Shiba Inu Remains Depressed Below Important Moving Average Crossover; Buy Or Sell Ahead of Easter Sunday?

Despite the launch of Shibarium and news of listing on Japanese Crypto Exchange Shiba Inu price remains quite, in fact bearish.

Shiba Inu (SHIB) price analysis remains modestly bearish for the past few sessions. The SHIB community has been rising rapidly in the last few years, with many investors in the hope to rise in the token value. However, as with the broader crypto currency, the market volatility and global factors influenced the price of Shiba inu token price.

As of press time, SHIB/USD is exchanging hands at $0.00001074, up 1.61% for the day.  The 24-hour trading volume of the 14th largest crypto currency is at $316,251,839 down 4.51% according to Coinmarket cap.

Shiba Inu, was released in 2020, created as a decentralized ERC-20 token on the Ethereum blockchain that could be an alternative to Dogecoin (DOGE).

On the daily chart, Shiba Inu traded lower after making a high of $0.00001520 on February 5. The descending trend line acts as the upside barricade for the bulls. Further, the selling pressure sustained as SHIB breaks important moving average crossover of the 21-day and 50-day EMA. 

However, at the low of $0.00000968 with the formation of a bullish hammer, the Shiba Inu price started to move higher but still below the moving averages.

The RSI (14) reads at 44 above the average line. 

Currently, the Shiba Inu price holds near the critical breakout juncture. A daily close above the 21-day EMA at $0.00001102 would be a bullish breakout, with an aim of reaching $0.00001200 followed by the high of $0.00001312.

On the flip side, a breakout of the lower trend line could mean the continuation of the downside momentum in the short-term.

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