Bulls Stampede SHIB Price Up Over 5% From 30-Day Low
Shiba Inu (SHIB) bulls triumphed after a bull-bear scuffle that saw the price swing between an intraday high of $0.00001164 and an intraday low of $0.00001065. (it’s a 30-day low). Bullish influence drove the price to $0.00001129 at press time, a 5.12% increase.
SHIB investors, who have been on edge since the recent market meltdown, have been relieved by the price increase. However, the positive trend remains whether it will continue or the bears will retake market control.
Due to enhanced investor confidence, market capitalization and 24-hour trading volume climbed by 4.48% and 113.04%, to $6,200,302,747 and $390,285,936, respectively. This surge suggests that the market is witnessing a substantial shift in attitude. Still, it is critical to closely follow the market to assess whether this trend will continue or if a correction will occur.
SHIB/USD 1-day price chart by CoinMarketCap
With the upper band at 0.00001145 and the lower band at 0.00001070, the Bollinger bands on the 4-hour price chart are expanding, indicating that the SHIB bullish momentum is gaining strength and that a price breakout is possible soon.
The price movement is moving towards the upper band, indicating that purchasing pressure is rising, and if the price breaks above the upper band, it might signify a strong buy signal for traders to join the market.
With a stochastic RSI reading of 92.22 the SHIB market is overbought, suggesting a possible pullback or correction soon. It is crucial to adopt risk management measures during this overbought state to prevent potential losses in the case of a downturn.
This action warns traders not to depend only on the market’s rising trend and to plan for unexpected downturns by diversifying their portfolios and putting stop-loss orders in place to prevent losses.
As the Chaikin Money Flow (CMF) is in the negative range with a value of -0.07, traders may be cashing out their winnings even if the market is buoyant. This idea calls the “buy and hold” approach into question and proposes that traders consider taking gains or employing a stop-loss plan to reduce future losses.
SHIB/USD 4-hour chart by TradingView
When the longer-term MA goes above the shorter-term MA, it suggests that the asset’s price rises since the average price over the longer time is more significant than the average price over the shorter term. This move indicates that investors are buying the asset, which builds upward momentum and a positive trend.
Consequently, with the 100-day moving average reaching 0.00001217 and advancing above the 20-day moving average, touching 0.00001108, the SHIB’s present bullishness may continue soon as more investors purchase the asset, pushing up its price.
The Bull Bear Power (BBP) score of 0.00000047 indicates that buying pressure has surpassed selling pressure, suggesting the probability of more price increases soon. This movement of the BBP line shows a positive market trend, implying that investors should consider purchasing the SHIB at this moment.
However, if the BBP line goes below the lower threshold, it may imply a negative trend, and investors may consider selling or deferring buying until the movement becomes apparent.
SHIB/USD 4-hour chart by TradingView
SHIB sees bullish momentum, but overbought conditions signal caution. Traders should diversify and use stop-loss orders to mitigate potential losses.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
