- The price of the Shiba INU rose 16% last night as Tesla CEO Elon Musk appreciated the MEME coins in his interview.
- SHIB price interrupted 20 Day Exponential Moving Average last night but struggles near 50 EMA in terms of daily price chart.
- Last night, SHIB increased its market cap by more than $1.4 billion and recorded a 10-day high.
The top 20 cryptocurrencies in the CMC are beginning to rise as market leader Bitcoin remains in the $20K range. The Shiba INU, the most popular MEME coin, increased its market cap by more than $1.4 billion and reached a 10-day high.
SHIB token recently recorded a 6-month low at $0.00000714, which has performed well as a hedge zone for buyers.
SHIB not only achieved a new price point, but it also ascended to the 14th spot in the crypto rankings by market cap. Its sturdy uptrend was associated with a significant increase in 24-hour trading volume of more than 300%.
The 31% rally last night caused the bears to lose their grip on the SHIB token. In an intraday trading session, the price candle draws a hammer candle while the altcoin is trading at the 0.000001063 mark at press time.
According to CMC, the market capitalization exceeded $5.8 million, up by more than 16% in the last 24 hours. Moreover, the SHIB pair price with bitcoin is trading up 18.8% at 0.000000000517 satoshis.
SHIB price broke above the 20 Day Exponential Moving Average last night but struggled closer to the 50 EMA in terms of the daily price chart. There is now a short term resistance area at the 50 EMA.
Bullish Bias of Technical Indicators
In the context of the daily price chart, the RSI indicator is looking just above the semi-line, while the Stoch RSI is on its way below the overbought zone.
The ADX indicator is showing a bullish signal for the SHIB token as it manages to reach its peak above the 42 mark.
Conclusion
There appears to be volatility in an intraday trading session as Shiba price retested and recovered the 20 EMA as support. This could be a retracement phase before a bullish rally.
Support level – $0.0000070 and $0.000005
Resistance level – $0.000012 and $0.000020
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
