Shiba Inu Prices May Soon Rise: Key Indicators Suggest Reversal
The days of Shiba Inu’s low prices might be ending, as SHIB’s charts indicate a potential price increase. A noteworthy pattern of higher lows has emerged on Shiba Inu’s chart, suggesting the beginning of a possible trend reversal. This could mean that Shiba Inu is gearing up for a price hike following its recent dip.
According to the Shiba Inu chart, the asset, which recently found support around the $0.000013 mark, has formed a higher low pattern. This action signals increased buying interest in Shiba Inu amidst dwindling selling pressure.
Potential Trend Reversal
Shiba Inu’s price rose by 4.09% yesterday, reaching $0.00001367. The appearance of a higher low on the Shiba Inu chart is a crucial indicator of a reversing bearish trend. It’s important to remember that Shiba Inu recently faced significant selling pressure following a steep drop in Bitcoin’s price.
Currently, Shiba Inu is trading at a critical juncture, slightly above its 50-day exponential moving average (EMA). Market conditions will determine whether this level will act as a resistance or support. Remaining above the 50-day EMA could lead to a substantial price increase. Conversely, a dip below this level might result in further price declines for Shiba Inu.
Meanwhile, Shiba Inu faces significant resistance around the $0.000014 level. Coinciding with the 200-day EMA, this resistance is vital for confirming Shiba Inu’s trend reversal and potentially bolstering a substantial price increase. It’s worth noting that market dynamics may change, potentially invalidating this analysis.
SHIB Index Declines 0.35% Ahead of Consumer Price Index Data Release
Currently, Shiba Inu is trading at $0.00001365, reflecting a 0.31% decrease over the past 24 hours. Conversely, Shiba Inu has experienced a modest weekly chart increase of 3.1%.
Investors are awaiting the release of the U.S. Consumer Price Index data. The July 2024 Consumer Price Index data will be released tomorrow, August 14, 2024, at 8:30 AM (EST). Investors anticipate that this data could stir market volatility, as seen in previous months. Consequently, many may opt not to invest heavily in their preferred tokens until the volatility stabilizes.
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