August 19, 2023 at 12:38AM SHIB Price Bounces From Trendline; Will It Trigger A Reversal?

SHIB Price Bounces From Trendline; Will It Trigger A Reversal?

SHIB / TetherUS BINANCE:SHIBUSDT

Coinpedia-Market-Insight

• 23% Fall with Recovery: Despite a 23% fall in the recent correction, SHIB coin price resurfaced above the support trendline, unlike Bitcoin.
  
• Sharp Recovery: SHIB prices showed a sharp recovery of 5.66% from the support trendline.
  
• Opposition from 50-day EMA: The recovery rally faced resistance from the 50-day EMA.
  
• Bitcoin's Trendline Break: Bitcoin's sharp increase in selling pressure broke its support trendline, bringing its market value to $26K.
  
• Shiba Inu's Bounce Back: Unlike Bitcoin, Shiba Inu managed to bounce back from the support trendline, though the 5.66% recovery was small compared to the 23% fall.
  
• Golden Crossover Limited: SHIB's downfall limited the chances of a golden crossover, flattening the 50-day EMA.
  
• Trading Close to Fibonacci Level: SHIB trades close to the 23.60% Fibonacci level of the long correction in early 2023, currently at $0.00000838.
  
• Bullish Technical Indicators: Despite rising selling pressure, technical indicators like stochastic RSI lines and RSI line show bullish signs.
  
• Potential Downfall: The intraday loss warns of high supply at the 50-day EMA, possibly leading to a 14% discount to $0.00000711.
  
• Optimism for Recovery: Optimism in technical indicators and buyers at the trendline might halt the downtrend, with a recovery rally targeting the 200-day EMA.