Shiba Inu’s price has remained quiet over the past few days and questions surrounding its near-mid term trajectory still linger. Although the price traded below their EMA Ribbons, a bullish twin peak along the Awesome Oscillator did propose a temporary hike. At the time of writing, SHIB traded at $0.00003399, up by a slight 0.03% over the last 24 hours.
Shiba Inu 4-hour time frame
Shiba Inu’s candles have traded below their EMA Ribbons for a sixth straight day now – A finding which threatened to discount any optimism that rose from SHIB’s rally from $0.00002824 to $0.00004002 just days ago.
In fact, this bearish run along the EMA Ribbons can be extended all the way till November 2021. While minor hikes were observed, SHIB was unable to solidify its position above these EMA Ribbons. Moving forward, SHIB faced a similar predicament. A convincing bull run was unlikely due to trading outflows in the broader market, but a minor surge was possible.
A close above $0.00003520 would see SHIB flip its EMA Ribbons to bullish once again. Such a move would lay the foundation for a 14% surge to 24 December’s swing high of $0.00004002. Expect sellers to re-apply pressure thereon.
To expel a large chunk of selling pressure, SHIB would need to capture ground above $0.00004479. A clear bull run can only be established once SHIB successfully closes above 30 November’s swing high of $0.00005433.
Indicators
Other indicators carried a bullish tone as well. The RSI formed a streak of higher highs and was testing its mid-line. A move above 55 would allow more buy orders to set in. The Awesome Oscillator even presented a buy signal after forming a bullish twin peak.
Conclusion
Positive developments along the RSI and MACD suggested that Shiba Inu was ready to tackle an immediate resistance line of $0.00003520. Once the EMA Ribbons switch to bullish, SHIB can embark on a 14% upswing. Any further progress on the chart would have to be backed by a broader market rally.