- SHIB token is back to the resistance trendline of its inverted flag pattern
- The SHIB/BTC pair was trading at >0.00000001 BTC with a gain of 7.92 %
- The 24 hr trading volume in SHIB is $391.5 Million
In the daily time frame, the SHIB token is resonating in an inverted flag pattern, and currently, it is back to the overhead resistance trendline; thus, investors should wait for price action at this level. However, the volume activity decreases as the price is approaching, which should prefer a reversal from here.
In contrast, the RSI ( BEARISH) value is at 41, indicating the token is still in its bearish sentiment. However, investors can notice strong bullish divergence in the RSI line, providing some hope for bullish trend reversal.
The SHIB Token Crypto Chart In 4hr Time Frame
The 4hr time frame of the SHIB token shows a clear view of the channel in which price is resonating, and this short time frame could provide an early opportunity for Shibu traders. Also, if the price reverses or gives a breakout from here, the traditional pivot level could provide more confirmation for traders.
About the EMA’s, the SHIB token has just crossed the 100 EMA line and now is above the 20,50 and 100 EMA, indicating a bullish signal. And thus should provide good support to the price; however, the 200 EMA is moving above the price, as is the last EMA defense line for SHIB token bears.
The MACD indicator (BULLISH) gives a positive signal as both the MACD line and the signal line has crossed the neutral zone and keeps rising as it enters the bullish zone. The histogram also shows some rising green bars supporting the bullish momentum.
Conclusion: From the technical perspective, the overall trend in the SHIB token remains bearish until this pattern will not give a breakout from the resistance trendline. Thus, traders can grab this opportunity to short their position whenever the price shows signs of reversal from this trendline, with the expectation of price moving to the other side of the pattern.
Support– $0.00000773, $0.00000608