SHIB investors must brake the ‘buy pedal; despite an impressive 24 hours
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Shiba Inu [SHIB] performance over the past 30 days has been less than what the cryptocurrency is capable of. Although the slump in the market contributed to the drop, the SHIB army could have expected more.
However, it seemed SHIB heard the cries and acted accordingly. In the last 24 hours, SHIB’s price had given investors more than 5% profit. Interestingly, the journey started on September 8 when SHIB broke the resistance levels and moved from $0.00001203 to $0.00001323.
Opening the brakes
According to the four-hour chart, SHIB’s price action was perhaps not surprising. On August 30, Bollinger Bands (BB) showed some stability in their volatility. This calm remained until the 4th of September. At this level, SHIB support was $0.001224.
Nevertheless, SHIB managed to break through $0.00001304, but it encountered a critical resistance level when it tried to test $0.00001341. This led the price to drop to $0.00001175 on September 7th. As revealed by BB, volatility was currently at its highest level in the past seven days. So the unexpected reversal of the recent ascending triangle is not necessarily contradictory.
While SHIB failed to hold the $0.00001398 price level, resistance between $0.0001326 and $0.0001355 may be needed. At press time, the Relative Strength Index (RSI) seemed to agree with the above statement.
CoinMarketCap revealed that SHIB’s volume had increased by 167%, 11% in the last 24 hours. However, the RSI was approaching the overbought zone at 68.22. So using the “buy pedal” may be the right decision.
Regarding moving average convergence divergence (MACD), SHIB momentum may remain bullish in the short term. With buyers’ attitude (blue) above sellers (orange), SHIB’s 5% gain could further increase. However, when considering mobility Bitcoin [BTC] would also be necessary if the bullish signs were to materialize.
Look who’s here
In addition to SHIB’s impressive performance, its ecosystem has seen more events in terms of burn rate. By Shibburn, the number of SHIB tokens burned has increased by 279.98% since the previous day. This leaves the total SHIB burned since the beginning at 410,380,159,432,847.
Additionally, there has been another update to its Metaverse journey. After revealing it road map earlier, SHIB surprised its community by unveiling the artwork for its We’re All Gonna Make It (WAGMI) temple.
Thanks to everyone who participated in tonight’s Fireside Chat @Shibtoken Discord, to discuss the WAGMI Temple for SHIB The Metaverse!
As a surprise to the community, we are happy to reveal the HUB concept art (in color)!
— SHIB (@ShibTheMV) September 9, 2022