This Needs To Happen For SHIB To Maintain Its Bullish Momentum

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• SHIB is currently trading at $0.00001009 after a 5.76% drop in price.
• The 9-EMA line has crossed bullishly above the 20-EMA line on SHIB’s daily chart.
• SHIB recently turned the $0.00001010 resistance level into support.

Most of the cryptocurrencies in the market are in the red for the day after an exciting weekend of trading, and Shiba Inu (SHIB) is no exception to this. Data from CoinMarketCap indicates that SHIB is trading at the meme coin is currently trading at $0.00001009 after a 5.76% drop in price. SHIB reached a low of $0.00001004 and a high of $0.00001106 over the same time period.

Although SHIB is in the red for the day so far, the crypto is still up by more than 19% over the last seven days. The meme coin did however, weaken against Bitcoin (BTC) and Ethereum (ETH) by about 4.98% and 4.28% respectively.

Also in the red zone is SHIB’s 24 hour trading volume which currently stands at $455,212,486 after a more than 15% decline since yesterday. With its market cap of $5,538,832,033, SHIB is ranked as the 16th biggest crypto in terms of market capitalization. This places the meme coin right behind TRON (TRX) in the 25th position and in front of Avalanche (AVAX) which is ranked 17th.

SHIB / Tether US 1D (Source: CoinMarketCap)

When looking at SHIB’s daily chart, we see that the 9-EMA (Exponential Moving Average) line has crossed above the 20-EMA line. This could be a bullish sign for the price of SHIB, and could be something for traders to consider when deciding to take a long position on the meme coin.

SHIB recently turned the $0.00001010 resistance level into a support, but if the meme coin closes today’s trading session below this level, SHIB’s price could face the possibility of a further drop in price to the next support level.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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