Shiba Inu Price Analysis: SHIB Bulls Match Toward $0.00001

Last Updated August 9th 2021
2 Min Read
  • Shiba Inu recoiled from support at $0.000007 as $0.00001 beckons.
  • The RSI shows that buyers have the upper hand, according to the four-hour timeframe.

Over the last few days, Shiba Inu has gained more than 26%, following a lengthy consolidation between $0.000006 and $0.0000065. This is not to mention the last weekend’s highs of $0.0000088. Due to the failure to sustain the uptrend to $0.00001, a correction occurred, with losses gaining traction toward $0.000007.

At the time of writing, Shiba Inu is trading at $0.0000078, following a rebound from the support mentioned above. If the short-term technical picture remains intact, we anticipate a breakout to close the gap to $0.00001.

Shiba Inu Price Bullish Outlook Renewed

According to the Moving Average Convergence Divergence (MACD) indicator, SHIB is mainly in the bulls’ hands. The MACD is a momentum oscillator utilized in trading trends but rarely used to identify overbought and oversold conditions.

The indicator manifests on a chart with a couple of exponential moving averages, oscillating with no boundaries. Note that the crossover of the 12-day EMA and the 26-day EMA results in a trading signal.

It is essential to remember that crossing above the mean line is regarded as bullish while crossing below the same line is bearish.

Moreover, when the 12-day EMA crosses above the signal line, it is a call to buy Shiba Inu. On the other hand, the trend tends to flip bearish when the moving averages reverse positions. Hence, the path of least resistance on SHIB’s four-hour chart is upward.

SHIB/USD four-hour chart

 SHIB/USD 4 hour chart 080921

The Relative Strength Index (RSI) has reinforced the same bullish outlook as shown in the exact timeframe. This technical index follows the trend of an asset and measures its strength. As the RSI lifts toward 70 (overbought region), it emphasizes a firmer bullish grip.

Perhaps a break above the recent barrier at $0.88 would bolster the self-proclaimed “Dogecoin Killer” above $0.0001 and start a significant uptrend.

The Super Trend Indicator has recently flipped bullish, encouraging more buyers to join the market. This call to buy manifested by the trend-following line closing the day under the price and changing the color from red to green. Realize that SHIB will remain in the bulls’ hands until the SuperTrend turns red again and sending a sell signal to traders.

SHIB/USD four-hour chart

 SHIB/USD 4 hour chart 080921

Support at $0.000007 must remain intact in the coming sessions. This will give bulls some peace of mind while they focus on the mission above $0.00001. Otherwise, Shiba Inu could trim the gains back to the former consolidation zone between $0.000006 and $0.0000065.

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