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SHIB Bulls Face Resistance Amidst Market Dip

SHIB Bulls Face Resistance Amidst Market Dip

The Shiba Inu (SHIB) market experienced a dip in the early hours of trading, causing prices to drop to a low of $0.00001014. However, the bulls eventually regained control and drove prices to a new high of $0.00001105, causing a 5.71% increase from the previous close.

This was also confirmed by the crypto influencer Sydney TheCMO.eth on twitter,

The bullish momentum was supported by the Moving Average Convergence Divergence (MACD) blue line crossing over its signal line and moving into the positive area, indicating a possible continuation of the bullish movement.

Similarly, the Relative Strength Index (RSI) reading of 66.65 above its signal line shows a strong uptrend in the SHIB market, indicating the likelihood of continued price rises. However, caution is urged as the Money Flow Index (MFI) on the 2-hour price chart indicates overbought conditions, with a reading of 89.28. This suggests a potential price correction soon, particularly if the MFI falls below 80. Traders are urged to proceed with caution and consider taking profits or placing stop-loss orders to mitigate risk in case of a significant price decrease.

The Chaikin Money Flow (CMF) is currently in the negative area with a value of -0.03, indicating a lack of purchasing pressure in the market, which casts doubt on the SHIB bullishness. However, if the CMF crosses over the “0” line, this could signal an increase in buying pressure and market momentum, leading to a potential bullish movement.

It is important to exercise caution when trading SHIB or any cryptocurrency. While the potential for profit can be high, so too can the risk. It is essential to conduct thorough research, analyze market trends, and make informed decisions before investing. Keep an eye on indicators such as the MACD, RSI, MFI, and CMF to monitor market conditions and make informed decisions.

Mark Klocke is a renowned author and financial analyst, specializing in forex trading. He is a regular contributor to, where he provides insightful analysis and commentary on various forex pairs. With years of experience in the financial industry, Mark has developed a keen eye for identifying market trends and predicting their impact on currency movements. His analysis is widely respected in the forex community and has helped traders make informed decisions about their investments. Mark is also a sought-after speaker at financial conferences and events, where he shares his expertise and insights with industry professionals.