{"id":597,"date":"2022-05-30T02:48:53","date_gmt":"2022-05-30T02:48:53","guid":{"rendered":"https:\/\/cryptoteambuild.com\/blog\/shiba-inu-shib-why-traders-should-wait-for-this-before-placing-long-bets\/"},"modified":"2022-05-30T02:48:53","modified_gmt":"2022-05-30T02:48:53","slug":"shiba-inu-shib-why-traders-should-wait-for-this-before-placing-long-bets","status":"publish","type":"post","link":"https:\/\/cryptoteambuild.com\/blog\/shiba-inu-shib-why-traders-should-wait-for-this-before-placing-long-bets\/","title":{"rendered":"Shiba Inu [SHIB]: Why traders should wait for this before placing long bets"},"content":{"rendered":"
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Despite its recent falling wedge breakout, Shiba Inu (SHIB) buyers failed to flip the bearish narrative owing to the coin’s very high correlation with Bitcoin.<\/span><\/p>\n

Since rebounding from the 61.8% Fibonacci level, the month-long trendline resistance (yellow, dashed) has curbed the potential of buying rallies.<\/span><\/p>\n

While the current setup exhibited a bearish edge, a close above or below the trendline resistance could influence the coming moves of the dog-themed token. <\/span><\/p>\n

At press time, SHIB traded at $0.01075, up by 1.95% over the last day. (For brevity, SHIB prices are multiplied by 1000 from here on).<\/span><\/p>\n

SHIB Daily Chart<\/span><\/strong><\/p>\n

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Source: TradingView, SHIB\/USD<\/p>\n<\/div>\n

SHIB found a traversing range between the $0.02-$0.032 for over four months as the bears kept revving up their pressure near the 38.2% Fibonacci level. But the symmetrical triangle setup on the daily chart played out in favor of the sellers due to the alt’s previous downtrend.<\/span><\/p>\n

After losing the $0.02 baseline, SHIB lost over 60% of its value (from 5 May) and took a plunge toward its seven-month low on 12 May.<\/span><\/p>\n

As a result, the distance between the south looking 20 EMA (red) and the 50 EMA (cyan) shot up to its record high. Previously SHIB saw such a gap during the bull run towards its ATH in October of last year.<\/span><\/p>\n

Also, SHIB has marked a significant drop in its volumes while impeding its high volatility phase. Now, the upper and lower Bollinger Bands (BB) could further encourage a relatively tight phase in the coming times. <\/span><\/p>\n

A bullish inability to jump above the month-long trendline resistance could extend the current sluggish behavior on the chart. To pave a path toward the $0.013-level, SHIB needed to escape the bonds of its immediate resistance.<\/span><\/p>\n

Rationale<\/span><\/strong><\/p>\n

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Source: TradingView, SHIB\/USD<\/p>\n<\/div>\n

After failing to sustain itself above the 33-resistance, the RSI has been hovering near the oversold region for the last three weeks. Unless the bulls topple the 33-resistance, SHIB would have slim chances of a strong revival.<\/span><\/p>\n

Should the CMF rebound from the -0.06 zone, its recent uptick would confirm a bearish divergence with the price.<\/span><\/p>\n

Conclusion<\/span><\/strong><\/p>\n

With the selling volumes exceeding the buy orders alongside the south looking near-term EMAs, SHIB could continue its sluggish phase near the $0.01045-level.<\/span><\/p>\n

Any close below this level would position the alt for a further downside toward the lower band of BB.<\/span><\/p>\n

Besides, the alt shares a staggering 98% 30-day correlation with Bitcoin. Hence, keeping an eye on Bitcoin’s movement with the overall market sentiment could be essential for making a profitable move.<\/span><\/p>\n<\/p><\/div>\n

Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite its recent falling wedge breakout, Shiba Inu (SHIB) buyers failed to flip the bearish narrative owing to the coin’s very high correlation with Bitcoin. Since rebounding from the 61.8% Fibonacci level, the month-long trendline resistance (yellow, dashed) has curbed the potential of buying rallies. While the current setup exhibited a bearish edge, a close above or below the trendline resistance could influence the coming moves of the dog-themed token.  At press time, SHIB traded at $0.01075, up by 1.95% over the last day. (For brevity, SHIB prices are multiplied by 1000 from here on). SHIB Daily Chart Source: TradingView, […]<\/p>\n","protected":false},"author":1,"featured_media":598,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[226,227],"_links":{"self":[{"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/posts\/597"}],"collection":[{"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/comments?post=597"}],"version-history":[{"count":0,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/posts\/597\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/media\/598"}],"wp:attachment":[{"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/media?parent=597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/categories?post=597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/tags?post=597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}