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09.12 - 20:21
These Moving Averages can help Shiba Inu traders determine their investment decisions
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Gridlocked between the 20-SMA (red) and 200-SMA (green), Shiba Inu’s price was in a sensitive spot. On one end, an upwards breakout would see SHIB extend its value to the 38.2% Fibonacci level and on the other, a large sell-off would drag its price back to the lower trendline.
Source: SHIB/USD, TradingView
Shiba Inu was close to a descending channel breakout after a 10% surge over the last 24 hours… Once the 50 and 200 SMA’s are flipped to bullish following an additional 6% rise, SHIB would carve a path to the 23.6% Fibonacci level. However, a closer look at the volumes suggested that buy numbers have been on a steady decline over the last three weeks.
Based on this development, SHIB lacked the strength to break away from its down-channel in
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