The findings of the following analysis are the sole opinions of the writer and should not be considered investment adviceAs the EMA ribbons overstretched while looking south, sellers pulled Shiba Inu [SHIB] towards the $0.00738-zone following the previous bear run. This multi-yearly support aided the buying efforts to propel a much-needed bullish flip on the ribbons.
The bullish flip on the EMA ribbons could help the alt find a break above the $0.012-level in the coming sessions. At press time, SHIB was trading at $0.01206.The altcoin’s recent growth witnessed a classic back and forth between the buyers and sellers in the Point of Control region. This high liquidity mark ensured flatter peaks for over seven weeks now.
The buyers would be keen to break above the constraints of the $0.012-zone. Looking at the altcoin’s overextended squeeze over the past month, SHIB could enter a high volatility phase in the coming days. A breach above the immediate ceiling level can help the alt test the $0.01382-zone.RationaleAfter struggling to snap the 59-mark several times, the RSI flashed a slight bullish edge.