The price of Shiba Inu (SHIB) is trading above the 20-day EMA ($0.000023), but the bulls have not been able to overcome the barrier of $0.000026. This indicates weakening demand at higher levels.
SHIB/USDT daily chart | Source: TradingView
Currently, the price is stuck between the 20-day EMA and $0.000026. The 20-day EMA is trending upwards and the RSI is in the positive zone, giving a slight advantage to the bulls. If the price closes above $0.000026, the SHIB/USDT pair could rise to the resistance level of $0.000029.
Conversely, if the price breaks below the 20-day EMA, this will signal that the bulls have given up. The pair could drop to the 50-day SMA ($0.000019), where buying interest is expected to emerge.
