After a 26% raise given that Jan. ten, the value of meme coin Shiba Inu (SHIB) trades close to a essential degree. A break over the January large of $.000033 can set up the upcoming upside at $.000035.
- Shiba Inu continues to capitalize on the preceding session’s gains.
- The Shiba Inu puppy-primarily based meme token is up 17% from the preceding session.
- The momentum oscillator clings to the overbought zone providing a warning to solid bids.
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The move was largely sponsored by a tweet, which mentioned that “Shiba Inu Robinhood listings are supposed to arrive in February at the earliest.” ZeroHedge shared on social networks. However, Robinhood did not comment on the tweet.
On the four-hour chart, the value is dealing with stiff resistance close to .000033 even though forming a double leading. The meme fell following testing the described degree on January 13th but quickly recovered back to its former degree. Hence, generating it an significant degree to trade. The uptrend line from the .000026 lower produced on January ten acts as a assistance for the bulls.
Moving on to the technical setup, the everyday Relative Strength Index (RSI) retreated from 69. and now stands at 60. Furthermore, the MACD (Moving Average Convergence Divergence) trades over the line. middle, signifies the power inherent in the double.
The Volume Oscillator also supports the bullish argument for the meme. Price is struggling close to the a hundred-day EMA (Exponential Moving Average). Acceptance over the 200 EMA will see the bulls consider the upcoming .000035 degree.
While on the lookout at the other side of the coin, a break of the ascending trendline will drag the value beneath the twenty and 50 EMA, which may possibly upset the customers.