SHIB Knight, a notable figure in the Shiba Inu community, has alerted investors to the upward trajectory observed on the 1-hour chart. Confirmation from SHIB investors suggests that Shiba Inu is currently experiencing an uptrend, fostering expectations of a “nice pump.”
As illustrated by the chart presented by SHIB Knight, this upward movement commenced on November 3, with the asset trading between $0.00000766 and $0.00000773. Despite intermittent dips and swings, the bulls have maintained dominance, giving rise to the latest upward trend.
Shiba Inu: The Fight to Stay Above the Trendline
The upward movement established an hourly chart trendline, providing robust support for SHIB. Bulls consistently defended this structure, shielding the asset from significant declines.
Shiba Inu reclaimed the $0.000008 level from prevailing bullish market sentiment on November 5. They were unsuccessful despite bearish attempts to pull it below this crucial threshold.
Yesterday, SHIB encountered intense selling pressure, testing the upward trendline and dipping to a low of $0.00000780, momentarily breaking the $0.000008 stronghold. However, a rapid recovery within three hours saw Shiba Inu regain lost ground, positioning itself above the trendline.
Shiba Inu is at a pivotal price juncture, with crucial indicators aligning favourably for the bulls. Priced at $0.00000824, SHIB is comfortably above the 200-day MA ($0.00000805) and the 50-day MA ($0.00000744), indicating a bullish trend.
Despite the recent surge, SHIB’s Relative Strength Index (RSI) in the 1-hour timeframe is at 43.62, suggesting potential oversold conditions. This aligns with successive declines on the 1-hour chart, hinting at a possible rebound. However, caution is advised, as an RSI of 43.62 and a Moving Average (MA) line of 49.63 may indicate a trend weakening.
Key Levels to Monitor
Should SHIB maintain its current uptrend, it will encounter formidable challenges on its journey to the coveted $0.00001 milestone. Initial resistance is anticipated at $0.00000831, marked by the Fib. 0.5 level. Breaking through this level would open the path to $0.00000841 and $0.00000848.
Further hurdles await SHIB at $0.00000869, a significant resistance point at the 1.618 Fibonacci level. A successful breach beyond this level might pave the way for Shiba Inu to reclaim the $0.000009 mark, uncharted since August, with a sturdy resistance level at $0.00000903.
Despite a recent price dip, Shiba Inu remains of interest in the market. Its trading volume has surged by 50.41% in the past 24 hours, reaching $294.7 million. SHIB’s market capitalisation remains above the $4.8 billion threshold. The coin’s ability to sustain market attention amid fluctuations shows its resilience in the crypto landscape.