🦊 Is Shiba Inu (SHIB) Registered? Price Makes an Unexpected Return

Shiba Inu made a significant return to the market, bouncing off the 50 EMA, which is considered a strong support level for the asset. Fortunately, SHIB did not let us down and achieved the breakthrough that many people expected from it. But there is a lot of resistance ahead, so counting on a quick rise may not be the wisest decision.

The blue line, or 50-day EMA, served as a reliable support level, giving SHIB the boost it needed to attempt a comeback. This rebound gives investors hope for a turnaround and the confidence needed to stem the larger decline that began more than a week ago.

Another encouraging finding from the moving averages is that SHIB is currently trading above the 100-day EMA. Being above the 100 EMA, which often serves as a medium-term trend indicator, could indicate that the overall trend is possibly turning more bullish.

Still, the 50-day EMA is above the current price and could act as a resistance level in the near future. As the trading volume bars show, there has been an increase in trading activity during recent price movements.

This increase in volume can indicate intense market interest and often follows notable price changes. But to overcome current hurdles and experience a long-term uptrend, SHIB needs consistent high volume.

Also, the RSI is showing the value 50. There is potential for movement in both directions because SHIB appears to be in a neutral zone, neither overbought nor oversold. A rise in the RSI towards 70 could indicate overbought conditions. For now, SHIB remains in the middle and is unlikely to give us any clues about the upcoming move.

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