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The 50-day Exponential Moving Average is acting as a good resistance to the price with the blue trendline. The fact thatstruggles to float above this line adds some negativity to the mix, meaning one can read that bulls are not strong enough to hold on given the existing momentum. It has to be convincingly across this 50 EMA to have any hope of a continuation rally.
Worthy of focus is the fact that an ascending channel has developed, which typically signals a consolidation phase just before a breakout. This also forms a good base for bulls, with additional support from the 50 EMA. The challenges in price within this channel show that SHIB can be preparing for something more valuable on the upside if current conditions hold.Even more encouraging is that the current price action has consistency in volume.
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Source: Utoday_en - 🏆 295. / 63 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »