đ¶ Shiba Inu ($SHIB ): Bulls in Control Now? Bitcoin (#BTC ) in Great Spot, Ethereum ($ETH ): Major Bearish Signal, But There's Silver Lining
With more than four days in a row of increasing momentum, Shiba Inu is gaining bullish traction as the meme coin continues its remarkable short-term rally. After a protracted period of consolidation and decline, bulls are starting to assert dominance, as indicated by the recent price action that clearly indicates a shift in market sentiment. Now, trading between the 50-day and 100-day Exponential Moving Averages, #SHIB has successfully broken above important local resistance zones and is currently trading around $0.00001444 USDT. Because it puts the asset in a technical transition zone that is frequently regarded as the battlefield between short-term and medium-term trend reversals, this positioning is crucial. SHIB has pushed above the $0.00001350 support area and into a zone that may allow for more bullish continuation due to the persistent buying pressure over the last few days.
A rally toward the $0.00001793-$0.00001800 region where the 200 EMA is located may be possible if SHIB can break above the 100 EMA, which is currently near $0.00001655. This would confirm a midterm trend shift. With the Relative Strength Index (RSI) currently trading at about 59, it indicates that bullish momentum is developing but has not yet reached overbought conditions, which is another indication that, should buying continue, there is still room to run.
The volume is gradually increasing, which supports the validity of the present upward trend. Even though it is not explosive, the increasing interest is sufficient to keep things moving upward, at least temporarily.
The market is currently waiting for confirmation in the form of a clean breakout above the 100 EMA, as bulls are in control and SHIB is still rising toward its next technical targets. The meme token might be about to experience a much bigger rally if that occurs.
Buy and Trade $SHIB