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Shiba Inu jumps 25% amidst the bear market - What’s next?

Quick Take:
  • Since last month, $SHIB managed to jump 25%.
  • The recent spike in the prices led to testing the 200-day EMA.
  • The intraday trading volume surpassed $1.69B, resulting in a 350% growth.

Shiba Inu has marked a 25% growth in its trading volume today. 

The SHIB/USDT pair had struggled to overcome the $0.000132 level. A significant inflow was observed today resulting in a 20% surge in the trading volume.

Source: TradingView (SHIB/USDT)

This sudden bullish growth has triggered a reversal pattern, which may urge buyers on a road to price discovery. However, there is persistent pressure from the sellers as well. If the buying pressure continues, then the price may plunge.

The buyers need to provide constant support so that $SHIB can sustain the $0.000132 area. Otherwise the bullish growth will be severely affected.

The RSI at 55 and the MACD showing a recent spike on the histogram seemed to be in favour as of now.

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