Shiba Inu could break higher towards $0.0000500 if 100-DMA on SHIB holds
- Shiba Inu price attempts a bounce, but 21-DMA is a tough nut to crack.
- Shiba’s daily technical setup suggests that a range breakout is imminent.
- SHIB bulls remain hopeful while the price defends the key 100-DMA cap.
Shiba Inu is extending its week-long consolidative mode on Saturday, as the bears continue to lick their wounds following the December 4 flash crash to $0.0000295 levels.
In doing so, SHIB price is posting about 2.50% gains on a daily basis, attempting a bounce from one-week lows. At the time of writing, the canine-inspired coin is trading around $0.0000350, reversing the two back-to-back days of declines.
On Thursday, an Ethereum whale purchased close to $1.8 million worth of Shiba Inu, taking advantage of a 17% slide in the prices of the dog-themed cryptocurrency over the past week.
Shiba Inu remains stuck between two key averages, breakout awaited
Looking at Shiba Inu’s daily chart, it appears that SHIB bulls are attempting another attempt to kickstart a fresh upswing towards all-time highs of $0.0000885.
SHIB price is awaiting a strong catalyst to beak the current prison range around $0.0000350.
The price of the canine-themed coin has been traversing in a narrow range, with the upside guarded by the downward-sloping 21-Daily Moving Average (DMA), now at $0.0000400.
Meanwhile, the ascending 100-DMA at $0.0000315 continues to lend support to the bullish traders.
The 14-day Relative Strength Index (RSI), is inching higher towards the midline, suggesting that bulls could take over control if they recapture the 50.00 level.
SHIB bulls, however, need a daily closing above the 21-DMA hurdle to negate the bearish bias in the near term.
Fresh buying opportunities could then emerge, triggering an advance in Shiba Inu towards the mildly bullish 50-DMA at $0.0000488.
The next significant stop for SHIB bulls is envisioned at the November 30 highs of $0.0000543.
SHIB/USDT: Daily chart
On the other hand, if the bears regain control, then a sustained break below the 100-DMA support will be on the table.
On deeper declines, the falling trendline support, connecting the November 4 and December 4 lows, at $0.0000261 could come to the rescue of bulls.
SHIB sellers will then aim for the flattish 200-DMA at $0.0000196, as the next fierce upside barrier.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
