SHIB Technical Analysis: Shiba Buyers Ready To Break 200-day SMA

The SHIB price action shows a remarkable increase in buying pressure over the weekend, ready to break the 200-day SMA and reach the $0.000020 mark. Key Technical Points: The Shiba Inu (SHIB) price has increased 35% in the last five days. The bull run fails to exceed the 200-day SMA but sustains above the $0.000015 mark. With a market cap of $8.85 billion, the intraday trading volume of Shiba Inu has decreased by 62% to reach $1.52 billion. Past Performance of SHIB As we mentioned in our previous analysis, the Shiba Inu (SHIB) price exceeds the supply zone at $0.000012 with a 33% jump on 14th August. However, the breakout rally reverses from the 200-day SMA to test the $0.000015 mark before regaining the prevailing trend momentum. Furthermore, the spike in trading volume supporting the breakout candle increases the likelihood of an uptrend continuation. Source – Tradingview SHIB Technical Analysis The 6.6% jump in the SHIB prices pierces the retest candle and nullifies the possibility of a $0.000014 retest. Hence, traders can find short-term buying opportunities in the current market conditions. The increasing gap between the 50 and 100-day SMA after the recent bullish crossover increases the uptrend possibility. The MACD indicator displays an increase in the bullish gap between the fast and slow lines as the uptrend gains momentum. Furthermore, the rising trend in the positive histograms reflects an increase in underlying buyi...