Shiba Inu: Here’s how SHIB buyers can leverage profitable buying opportunities

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

After gliding toward its multi-monthly high on 14 august, Shiba Inu [SHIB] bears controlled the trend to their fancy for the last two months. As a result, the meme-coin saw a pulldown below its $0.0108-$0.0109 resistance range. (For brevity, SHIB prices are multiplied by 1000 from here on).

Here’s AMBCrypto’s Price Prediction for Shiba Inu [SHIB] for 2023-24

Recently, the $0.00957 support reignited some bullish pressure as the buyers strived to escape the constraints of the EMA ribbons. An immediate rebound from its immediate support could position the token to challenge the EMA resistance.

At press time, SHIB traded at $0.01021, down by 2.17%in the last 24 hours.

SHIB forms a bullish structure on H4, can the bulls sustain a rally? 

Source: TradingView, SHIB/USD

Over the last week, SHIB’s descent from the two-month trendline resistance (white, dashed) set the stage for an expected pullback. Thus, the token fell below its EMA ribbons to depict a bearish advantage ever since.

While the EMA ribbons undertook a bearish flip, sellers capped the buying efforts near the 50 EMA over the last few days. The bullish engulfing candlestick inflicted a rally that entailed double-digit gains on 13 October.     

A rebound from the $0.01014-level could propel near-term gains before a reversal. In this case, the coin would retest the $0.01067 resistance before committing itself to a trend.

An immediate or eventual close below the $0.01014-mark can expose the token toward a downside. In such circumstances, SHIB could witness a bullish invalidation and get into price discovery. An inability of the market players to