• Shiba Inu (SHIB) has taken off in the crypto markets, becoming one of the most sought-after digital assets.
• Technical analysis suggests that the SHIB price may be bullish in the short-term, with the Relative Strength Index (RSI) recently closing above the RSI 50 level.
• Moving Average Convergence Divergence (MACD) has recently formed a bullish crossover, indicating that SHIB may be entering into a bull market.
Over the past few years, meme coins have taken off in the crypto markets, with many of them producing impressive gains for their holders. One of the most successful meme coins is Shiba Inu (SHIB), which has become one of the most sought-after digital assets today. In order to get a better idea of where SHIB may be headed in the near future, let’s take a look at some of the technicals.
The most popular tool for measuring a cryptocurrency’s price trend is the Exponential Moving Average (EMA). This indicator is still in bearish alignment with the SHIB price trading below the medium to long-term 50-day and 100-day EMA. However, the price has recently bounced off the 20-day EMA and has been trading above it today, which indicates that the cryptocurrency may be bullish in the short-term.
The Relative Strength Index (RSI) is another popular tool for measuring the strength of a price trend. After falling below the RSI 50 level in November, Shiba Inu’s RSI has been trading sideways. With SHIB’s recent moves, the RSI currently sits at 51.09–above RSI 50 for the first time in almost two months. This indicates that the trend for SHIB may finally be changing.
Finally, the Moving Average Convergence Divergence (MACD) is also a useful tool for gauging the overall direction of a price trend. SHIB has entered the new year with a newly formed MACD bullish crossover. As the indicator approaches the zero line, the separation between the 12-day and 26-day exponential moving averages has widened, suggesting that the cryptocurrency may be entering into a bull market.
All in all, the technical analysis of SHIB suggests that the cryptocurrency may be entering into a bull market. While this is certainly good news for investors, it’s important to keep in mind that the crypto markets can be extremely volatile and that no one can predict the future with 100% accuracy. As always, it’s important to do your own research and manage your investments accordingly.