Shiba Inu (SHIB) Records First Major Bullish Signal
Following weeks of downward pressure, Shiba Inu has printed its first notable bullish retrace, suggesting a possible shift in trend. As of right now, the asset is trading close to $0.00001337. It has successfully pushed above the 26-day EMA which, if accompanied by additional technical factors, frequently signals a wider upward continuation.
Since February's consistent downward trend, the breakout above the 26 EMA represents the first major sign of a reversal in a long time and validates the growing bullish momentum. The price hit its lowest point at around $0.0000122, which is now a strong local support zone. Given that SHIB has risen above short-term moving average resistance, it may be prepared to take aim at the 50 EMA, which is situated close to $0.0000145 and represents the next significant resistance.
The current 50.75 Relative Strength Index (RSI) adds weight to the bullish setup. Any move above the 55-60 zone could confirm growing strength and potentially spark further upside. This level marks a pivot from bearish to neutral momentum. Volume analysis shows a minor but noticeable increase in market liquidity, which could be a sign of traders' return to the market.
Verifying whether this breakout holds or fades into another lower high will require a consistent increase in volume. SHIB appears to be gaining momentum for a possible short-term rally based on the current candle structure and trendline breakout. This short-term move gives bulls some hope, even though macro indicators like the 100 and 200 EMAs continue to slope downward, suggesting longer-term bearish pressure.
SHIB needs to keep levels above $0.0000133 and execute a break above the 50 EMA in order to validate this signal. In short, Shiba Inu has crossed the 26 EMA with supportive volume and RSI strength, starting a significant bullish retrace. A move toward $0.0000145 and beyond might be achievable if buying pressure continues, potentially signaling a trend reversal for the well-known meme coin.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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