SHIB Bulls Break Bear Dominance, Eyeing Resistance Levels

Key Insights:

  • SHIBUSD shows bullish momentum with support at $0.00001075.
  • Traders maintain a “buy the dip” mindset as market capitalization increases.
  • Keltner Channel bands suggest weakening bullishness, with potential for a bearish trend.

Despite a rocky start to the day, bulls in the Shiba Inu (SHIB) market broke the bear dominance by establishing support at $0.00001075. During this market upturn, the SHIB price hit an intra-day high of $0.00001107 before running into significant resistance. Nonetheless, as of press time, SHIB was valued at $0.00001099, a 1.44% gain over the previous day’s closing price.

If the bullish trend continues, the $0.00001107 resistance level may be exceeded, followed by $0.00001150 and $0.00001200 resistance levels. But, if the market mood changes abruptly, the support levels to monitor are $0.00001050 and $0.00001000.

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Since traders expect a sustained rise and have a “buy the dip” mindset, the support levels may hold and lead to a price comeback. If these levels are breached, it might indicate additional decline and a change in market sentiment toward selling pressure. As a result of this mindset, market capitalization, and 24-hour trading volume increased by 1.03% and 3.63%, respectively, to $6,460,605,328 and $303,515,192.

SHIB/USD 4-Hour Technical Analysis

The Bollinger bands are moving linearly in the SHIBUSD 4-hour price chart, indicating that the bullish momentum is robust and likely to continue in the short term. On falls or breaks over the upper Bollinger band, traders might consider purchasing SHIBUSD. This bullish trend in the SHIB market is clear, with the upper band at 0.00001129 and the bottom band at 0.00001037.

The price action movement over the signal line indicates that buyers have control of the market and that the upward trend will likely continue. Traders may consider initiating long positions or keeping existing holdings to capitalize on possible future gains.

With a Relative Strength Index (RSI) value of 52.42% and a northward movement, the market is bullish and may continue to climb soon, making it a good opportunity for traders to consider buying or holding their holdings.

If the RSI exceeds 70, it may imply that the market has become overbought and that a correction is approaching; therefore, traders should monitor the RSI level for possible sell signals.

The MACD motion is trending above the signal line and reading 0.00000001, indicating that the bullish momentum is strong and may continue. Still, traders should watch for any potential divergence between the MACD and the price action for possible trend reversal signals.

SHIB/USD 24-Hour Technical Analysis

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Descending Keltner Channel bands on the 24-hour price chart (upper band at 0.00001248 and lower band at 0.00000964) point to a possible weakening of bullishness in the SHIB market and the emergence of a negative trend. 

The price action below the middle band suggests the market is in a downtrend. Traders may consider shorting the asset or waiting for a potential bounce off the lower band before entering an extended position.

Since the MACD line is moving above the signal line, with the former at -0.00000033 and the latter at -0.00000039, the bullish momentum may weaken. Traders should monitor for a potential crossover as a signal to exit long positions or consider shorting the asset. However, the histogram motion in the positive region indicates that the buying pressure is still present, which could result in a temporary consolidation or a minor pullback before the trend resumes.

With an RSI reading of 44.95, the market is not overbought or oversold, and there is still room for the price to move in either direction. This move suggests that the market is neutral, and traders should monitor the price action closely for any potential trend changes or breakouts.