SHIB investors must brake the ‘buy pedal; despite an impressive 24 hours

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Shi­ba Inu’s [SHIB] per­for­mance over the last thir­ty-day days has been less than what the cryp­tocur­ren­cy is capa­ble of. While a slump in the mar­ket con­tributed to the fall, the SHIB Army may have expect­ed more. 

How­ev­er, it seemed that SHIB heard the cries and act­ed accord­ing­ly. In the last 24 hours, SHIB’s price had made over 5% prof­its for investors. Inter­est­ing­ly, the jour­ney start­ed on 8 Sep­tem­ber as SHIB broke resis­tance lev­els, mov­ing from $0.00001203 to trade at $0.00001323.

Opening the brakes

Per the four-hour chart, SHIB’s price action may not have been sur­pris­ing. As of 30 August, the Bollinger Bands (BB) indi­cat­ed some sta­bil­i­ty around its volatil­i­ty. This calm remained up until 4 Sep­tem­ber. At this lev­el, the SHIB sup­port was at $0.001224. 

Nonethe­less, SHIB was able to break­out up to $0.00001304 but was met with a crit­i­cal resis­tance lev­el as it tried test­ing $0.00001341. This led to the price draw­down to $0.00001175 on 7 Sep­tem­ber. As revealed by the BB, volatil­i­ty was cur­rent­ly at the high­est lev­el in the last sev­en days. So, watch­ing out for an unex­pect­ed rever­sal from the recent ascend­ing tri­an­gle may not be out of line.

Source: Trad­ingView

While SHIB could not hold the $0.00001398 price lev­el, the resis­tance between $0.0001326 and $0.0001355 may need to be con­sid­ered. At press time, the momen­tum dis­played by the Rel­a­tive Strength Index (RSI) seemed to agree with the afore­men­tioned statement. 

Coin­Mar­ket­Cap revealed that SHIB’s vol­ume had increased 167%.11% in the last 24 hours. How­ev­er, the RSI was approach­ing an over­bought zone at 68.22. So, going easy on the “buy ped­al” may be the right decision. 

Source: Trad­ingView

As for the Mov­ing Aver­age Con­ver­gence Diver­gence (MACD), the SHIB momen­tum could remain bull­ish in the short term. With the buy­er stance (blue) above the sell­ers (orange), SHIB’s 5% increase could rise fur­ther. How­ev­er, con­sid­er­ing the move­ment of Bit­coin [BTC] would also be nec­es­sary if the bull­ish signs were to materialize. 

Look who is here

Apart from SHIB’s impres­sive per­for­mance, more trans­ac­tions have been hap­pen­ing with­in its ecosys­tem per the burn rate. Accord­ing to Shib­burn, there has been a 279.98% increase in the num­ber of SHIB tokens burned from the pre­vi­ous day. This leaves the total SHIB burned since the start at 410,380,159,432,847.

More­over, there has also been anoth­er update to its Meta­verse jour­ney. After dis­clos­ing its roadmap ear­li­er, SHIB sur­prised its com­mu­ni­ty by reveal­ing the art­work for its We’re All Gonna Make It (WAGMI) temple.



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