Where Shiba Inu could head next after impressive five-day feat
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.
After ascending toward its three-month high on 14 august, Shiba Inu [SHIB] bears inflicted a near-term decline. As a result, the meme-coin saw a pulldown below its $0.0133-$0.0137 resistance range. (For brevity, SHIB prices are multiplied by 1000 from here on).
On the other hand, the $0.01172 baseline put the meme coin back on a bullish path as SHIB registered double-digit gains above its four-hour EMA ribbons and the 200 EMA (green). As the price action approached its immediate resistance range, SHIB could observe a sluggish phase.
If the buyers defend the $0.0129-support, SHIB could see a rebound. At press time, SHIB traded at $0.01306.
Source: TradingView, SHIB/USD
Over the last week, SHIB’s ascent chalked out northbound trendline support (white, dashed). This growth led SHIB to retest the $0.0133 resistance as it seemed to slow down.
In the meantime, the EMA ribbons undertook a full bullish flip after nearly three weeks. Also, the 20/50 EMAs close above the 200 EMA has reaffirmed the bullish vigor in the SHIB market.
A decline toward the $0.0129-level could likely propel a rebound. In this case, the coin would retest the $0.0133 resistance before committing itself to a trend.
An immediate or eventual close above the $0.0129-mark can expose the coin toward an upside. In such circumstances, SHIB could witness a recovery toward its EMAs in the $0.0137-$0.014 range.
An inability to find a close above the $0.0133 mark support would encourage a slow-moving phase compression phase in the coming sessions.
Rationale
Source: TradingView, SHIB/USD
The Relative Strength Index (RSI) was gradually declining
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