Shiba Inu (SHIB) faces rejection at 50% FIB retracement!
The first thing people often feel for Shiba Inu is excitement. The crypto’s rapid price fluctuations and sudden gains can be thrilling for investors looking for a high-risk, high-reward opportunity. Additionally, the community surrounding Shiba Inu, known for its playful and light-hearted approach, can excite many. The Shiba Inu “Meme” culture can add fun and humor to the crypto world.
Shiba Inu shares some similarities with BTC regarding its decentralized nature and use of blockchain technology. Shiba Inu’s price action is more extreme and has more sudden changes in the short term. While Shiba Inu shares some similarities with Bitcoin, it is considered a newer, more volatile, and less stable alternative.
Additionally, SHIB was built on the Ethereum blockchain as an ERC-20 token, allowing faster and more secure transactions. The latest price movement of Shiba Inu has placed it a notch higher on the capitalization ranking, with 18% gains in the last seven days.
SHIB cryptocurrency has begun the uptrend following the psychological support from the positive trends in BTC. The outlook of this meme coin is in a narrow zone as the prices are consolidating near 50% retracement levels. A major resistance of 200 EMA is trading above the 61.8% retracement levels. Can SHIB overcome it? Click here to know!
With the moving averages of Shiba Inu beginning to change their trend movement, a broader improvement in the crypto space is visible. With buyers having acquired their holdings recently with the support offered by the cryptocurrencies in 2023, we can expect a major SHIB uptrend in the coming days.
Moreover, there is a positive push in cryptocurrencies to embrace a volatile inducing reason of cryptocurrencies in 2023 related to completing banning in growing economies or relaxation in crypto trading.
Shiba Inu maintained the uptrend, with a major rejection candle under development. As the 200 EMA curve has stopped its downward movement, a major crossover breakout can be expected in case SHIB manages to reach the 200 EMA curve within the existing swing.
Strong immediate resistance of SHIB is also placed at $0.00001323. A huge upside movement from current levels of $0.00001042 could create the testing ground for the future possibilities of Shiba Inu.
