Popular meme token Shiba Inu (SHIB) made a significant market comeback by bouncing off the 50 EMA, considered a strong support level. Shiba Inu achieved the breakthrough many had anticipated.
SHIB’s Upward Movement
However, experts believe the cryptocurrency faces numerous resistances ahead. Therefore, relying on a rapid rise might not be the wisest decision. The 50-day EMA served as a reliable support level, providing SHIB with the necessary backing for a comeback attempt. This recovery could give investors hope and the confidence needed to halt the larger decline that began over a week ago.
Another positive finding from the moving averages is that SHIB is currently trading above the 100-day EMA. Being above the 100 EMA, which often serves as a medium-term trend indicator, could suggest a further upward trend.
Current Data on SHIB
However, the 50-day EMA is above the current price and may act as a resistance level in the near future. As transaction volume data shows, there has been an increase in trading activities during recent price movements. This increase in volume could indicate intense market interest and often follows notable price changes.
To overcome current obstacles and experience a prolonged upward trend, SHIB may need consistently high volume. Additionally, the relative strength index (RSI) shows a value of 50. There is potential for movement in either direction as SHIB appears neutral, neither overbought nor oversold. An increase towards 70 in the RSI could indicate overbought conditions. For now, SHIB is in the middle and may not provide any clues about the upcoming move.
