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TA Suggests That It May Be Too Early to Buy Into Shiba Inu

Cryptocurrency Jul 06, 2022 04:30AM ET
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© Reuters. TA Suggests That It May Be Too Early to Buy Into Shiba Inu

  • SHIB’s price has fallen by around 3.16% in the last day.
  • A descending triangle has formed on the daily chart.
  • The 9 EMA may cross below the 20 EMA on the daily chart.

Shiba Inu’s (SHIB) price has declined over the last 24 hours according to CoinMarketCap.

In the last few hours, SHIB’s price has fallen by around 3.16% at the time of writing. In addition to SHIB dropping to the US dollar, the meme token has also weakened against Ethereum (ETH) and Bitcoin (BTC) by 0.34% and 1.53%, respectively. Currently, 1 SHIB is worth 0.000000009196 ETH or 0.000000000519 BTC.

SHIB is, however, up over the last seven days by around 6.79%, according to the crypto market tracker. The canine-inspired token currently ranks as the 14th biggest crypto project by market cap, with a market cap totaling $5,702,824,043.

Despite the meme token appearing to be making a recovery on the weekly chart, it may still be too early for investors to buy into SHIB.

SHIB/USDT daily chart (Source: CoinMarketCap)

Looking at the daily chart for SHIB/USDT, the price of the meme token has dipped and consolidated after attempting the $0.00001228 level, which is acting as resistance on the daily chart. Furthermore, a descending triangle has formed on the daily chart.

It may still be too early for investors to get excited about SHIB as its price has not yet reached the apex of the triangle chart pattern currently present on the daily chart. Although SHIB’s price seems to want to challenge the upper bound of the chart pattern, it was unable to successfully break through the level with the previous attempts.

Something else that investors need to be cautious of is the price of SHIB being held up by the 20 EMA line at the moment. Seeing that its price has dropped below the 9 EMA level, the next level it will look to breach is the 20 EMA.

Lastly, the 9 EMA looks to cross below the 20 EMA line, which will be a significantly bearish signal.

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

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TA Suggests That It May Be Too Early to Buy Into Shiba Inu
 

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