Shiba Inu Price Breakout: Can SHIB Reach New Highs in 2024?
Shiba Inu price is halted near the value of $0.00001195 and currently taking support at the 100 EMA level breaking below the 20 and 50 EMA levels.
The price has been in a downtrend since Dec 23 and trading in an ascending parallel channel. However, the buyers are accumulating the crypto at the lower levels and the key EMAs are acting as a critical support level.
At the time of writing Shiba Inu price is trading at the level of $0.000009375 with an intraday rise of 5.12%. The 24-hour trading volume has decreased by 27.22% and is $116.94M. The current market cap of the coin is $5.53 Billion.
Daily Time Frame Analysis of Shiba Inu Price
Source: Tradingview
On the daily time frame, the price is trading in an ascending parallel channel and taking the resistance from the channel’s upper trendline. From the upper trendline, the price is falling near the key EMAs and taking support there.
In the previous sessions, the SHIB price tried to bounce back but failed in their attempt.
The RSI curve is hovering at the level of 44.31 showing neutrality at the technical chart and the price action is not giving any specific direction of the trend.
Weekly Time Frame Analysis of Shiba Inu Price
Source: Tradingview
On the weekly timeframe, the price broke out of a descending resistance trend line that has been rejecting it for a long time. The breakout occurred after a long consolidation period of about 480 days, signalling a strong upward momentum in the price. However, the RSI curve is near 52 and pointing downward.
If the price can sustain above the resistance trend line, it could indicate a robust bullish momentum in upcoming sessions. On the other hand, if the price falls back below the trend line, it could resume the downtrend and test the previous support levels.
Conclusion
Shiba Inu price is showing signs of strength on the technical charts, breaking out of a long-term resistance trend line on the weekly timeframe. However, the price is still facing some challenges on the daily timeframe, trading in an ascending parallel channel and struggling to bounce back from the key EMAs. The RSI curve is also neutral, indicating a lack of clear direction. The future of Shiba Inu will depend on whether the price can maintain its bullish momentum and stay above the resistance trend line, or fall back and resume the downtrend.
Disclaimer
The information contained in this article is intended for informational and educational purposes only. It should not be construed as financial, investment, or trading advice. Investing and trading involve risk, and you should carefully consider your circumstances and risk tolerance before making any investment decisions.
