SHIB Price Reaches A Key Resistance Level Following A 6% Pump

CoinMarketCap has placed Shiba Inu (SHIB) in the 15th position on its list in terms of market cap. This puts SHIB right behind TRON (TRX) in the 14th position and in front of Dai (DAI) in the 16th position.

SHIB is currently worth $0.00001252 after a 6.22% price increase over 24 hours and reaching a high of $0.00001284 over the same time period. This price translates to around 0.000000000411 Bitcoin (BTC) and 0.000000006066 Ethereum (ETH).

When looking at the longer time periods, SHIB saw a 3.27% increase in price over the last week and a 48.17% drop over the last 30 days.

SHIB’s market cap currently stands at $$6,952,965,247. The meme token also saw a 24-hour trading volume of $500,778,424 which is an 85.90% increase from yesterday’s number.

SHIB is also featured on CoinMarketCap’s trending list and is occupying the 7th position.

SHIB has jumped past the 8 and 20 EMA line on the 4-hour chart. Now that it is above the two lines, will it stay above them?

As things stand, the impulse in SHIB’s price was immediately followed by sell pressure on the 4-hour chart. Another indication that SHIB’s price may pull back a bit is the slope of the RSI line with respect to the RSI SMA.

Following the impulse, the RSI line’s slope changed drastically to negative. The RSI is also in between oversold and overbought. Another thing to note is that the price of SHIB has also reached a key resistance level. It may rise above the level seeing that the 8 EMA is above the 20 EMA at the moment.

The final direction of the move will be determined by the type of volume that enters the market in the next 4 – 8 hours.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.