Shiba Inu (SHIB) bounced above the 20/50/200 EMA respectively after facing a slight pullback towards the $0.023 region. But this rally in the altcoin cannot go beyond the long-term Control Point.
SHIB to watch for
If SHIB’s latest candlesticks close below the POC, the SHIB bears have enough push to test the $0.025 level before leaving any options for the bulls to step in. will win. Shortly after the altcoin broke out of the down channel, the 23.6% Fibonacci resistance avoided the bullish rally of early February. Meanwhile, Shiba Inu bulls are taking charge of the pits by marking the trendline support over the past three months.
SHIB’s pullback towards $0.02 completed a falling wedge pattern in the market from where another upside was formed. The demand zone has been solid for about three months, while the patterned breakout has tested the POC multiple times over the past three weeks. Also, considering the Shiba Inu (SHIB) high price of $0.027 has been rejected recently, a push below the POC might test the $0.025 support, according to the analyst we previously consulted as Kriptokoin.com.
What do the Shiba Inu (SHIB)’s graphics show?
A compelling close of the 20 EMA above the 50 EMA will confirm the chances of SHIB to break the chains of its POC in the coming days. However, buyers should protect the $0.025 base and not give the bears a free hand to test the $0.23 level. Also, the CMF was well below the zero line, confirming the selling advantage. Any reversal from the sudden trendline resistance could trigger a downtrend with the price. In this case, SHIB may witness a retracement phase due to declining coin volumes.
On the contrary, the MACD lines have made a bullish crossover as its histogram swings above the zero line. Thus, an increased purchasing effect emerges. If the current trendline resistance (white trendline) remains intact, any dip below the POC will support the lower 20 EMA for a retest before the continued effort of buyers to keep inflating the price. Also, the altcoin shares a 30-day correlation of about 67% with Bitcoin. Therefore, keeping an eye on Bitcoin’s movement with the overall market sentiment may be essential to making a profitable move.
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