{"id":162442,"date":"2023-09-25T19:40:30","date_gmt":"2023-09-25T14:10:30","guid":{"rendered":"https:\/\/dripp.zone\/news\/shib-back-on-the-drawing-board-crypto-news\/"},"modified":"2023-09-25T19:40:32","modified_gmt":"2023-09-25T14:10:32","slug":"shib-back-on-the-drawing-board-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/shib-back-on-the-drawing-board-crypto-news\/","title":{"rendered":"SHIB Back On The Drawing Board – Crypto News"},"content":{"rendered":"

<\/p>\n

\n

Shiba Inu (SHIB) is back on the drawing board following a sudden but brief spike over the weekend to $0.00000773. The second-most popular meme coin, boasting $4.2 billion in market capitalization and ranking 16th among other cryptos, is down 1.8% to trade at $0.00000724 on Monday.<\/p>\n

It has become nearly impossible for Shiba Inu price to rise<\/a> above the seller congestion at the 21-day Exponential Moving Average (EMA) let alone the next key barrier at $0.000008. Support on the downside, has been provided by an ascending trendline, which bulls must defend at all costs to avoid it flipping into a resistance level.<\/p>\n

<\/p>\n

Shiba Inu Price Recovery Hangs In The Balance<\/h2>\n

Although the Moving Average Convergence Divergence (MACD) indicator reveals the presence of a buy signal, a sustainable recovery to $0.00001 is uncertain. As the blue MACD line crosses above the red signal line, traders tend to consider buying into SHIB.<\/p>\n

However, since Shiba Inu has barely sustained an uptrend since the pre-Shibarium launch rally to $0.000011, traders are not confident a trend reversal will ensue.<\/p>\n

That said, SHIB\u2019s reaction to the support provided by the lower ascending trendline near $0.000007 will determine where Shiba Inu price heads to next. Holding this support in position would affirm the bullish grip and encourage traders to stick to longing SHIB and eventually result in a trend reversal targeting $0.000008 and $0.00001 price points.<\/p>\n

<\/p>\n

Investors will prefer to capitulate as traders switch to shorting SHIB if support at $0.000007 weakens. The Relative Strength Index (RSI) already shows that bulls lack the strength to keep the uptrend intact.<\/p>\n