SHIB investors must brake the ‘buy pedal; despite an impressive 24 hours
Shiba Inu’s [SHIB] performance over the last thirty-day days has been less than what the cryptocurrency is capable of. While a slump in the market contributed to the fall, the SHIB Army may have expected more.
However, it seemed that SHIB heard the cries and acted accordingly. In the last 24 hours, SHIB’s price had made over 5% profits for investors. Interestingly, the journey started on 8 September as SHIB broke resistance levels, moving from $0.00001203 to trade at $0.00001323.
Per the four-hour chart, SHIB’s price action may not have been surprising. As of 30 August, the Bollinger Bands (BB) indicated some stability around its volatility. This calm remained up until 4 September. At this level, the SHIB support was at $0.001224.
Nonetheless, SHIB was able to breakout up to $0.00001304 but was met with a critical resistance level as it tried testing $0.00001341. This led to the price drawdown to $0.00001175 on 7 September. As revealed by the BB, volatility was currently at the highest level in the last seven days. So, watching out for an unexpected reversal from the recent ascending triangle may not be out of line.
Source: TradingView
While SHIB could not hold the $0.00001398 price level, the resistance between $0.0001326 and $0.0001355 may need to be considered. At press time, the momentum displayed by the Relative Strength Index (RSI) seemed to agree with the aforementioned statement.
CoinMarketCap revealed that SHIB’s volume had increased 167%.11% in the last 24 hours. However, the RSI was approaching an overbought zone at 68.22. So, going easy on the “buy pedal” may be the right decision.
Source: TradingView
As for the Moving Average Convergence Divergence (MACD), the SHIB momentum could remain bullish in the short
Read more on ambcrypto.com
