shiba inu‘s hourly and daily charts show that price is trying to break through the moving average (MA) barrier. On the daily chart, the Shiba Inu is attempting to break the MA 50 towards $0.0000125 to continue its positive recovery from the September 6 low of $0.0000117.
The bulls seem to be doing their best to break through this barrier, but this, they have not yet succeeded.
Buyers SHIBIf the i manages to break the MA 50 at $0.0000125, the price could target the next hurdle at $0.0000134 before the next hurdle at $0.0000147. If the massive buying volume seen on August 14 repeats, the Shiba Inu could target $0.0000179 at once.
The Shiba Inu became the biggest gainer in the market on August 14 as it printed a large green candle after more than two weeks of consolidation. The Shiba Inu rallied from lows of $0.0000126 to $0.000017 on August 14 before retracing.
This type of consolidation, which typically results in a breakout, is currently being pointed out by indicators. The RSI indicators on the timeframes are close to the neutral level of 50, suggesting that SHIB could enter range trading before the next big move. However, it should be noted that currently the markets are determined by “macro factors” that test technical indicators.
According to information shared by SHIB BPP, a community-focused Twitter account, the important conversation for the WAGMI temple will take place on September 8 at 8:00 PM EST.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.