Will SHIB Complete A Bullish Maneuver?
Shiba Inu prices are struggling to find footing at the 200-day EMA.
Despite the launch of Shibarium, Shiba Inu coin prices struggle to spark in a bearish market, affected by Bitcoin's fall.
The SHIB coin price has been falling drastically, reversing from the 50% Fibonacci level at $0.0000106, down by 14%.
The meme coin tests the 200-day EMA, but a long tail formation in the daily candle displays a lower price rejection, lighting a reversal hope.
The SHIB coin price shows an intraday growth of 1.30%, trading at $0.00000933, close to the psychological mark of $0.000010.
A dramatic increase in trading volume supports the correction phase, with technical indicators like MACD showing a bearish crossover.
If the bullish trend sustains above the 200-day EMA, a reversal rally could reclaim $0.000010, with a 50% Fibonacci level breakout driving an additional 21% gain.
Failure to rise above the 200-day EMA could lead to a test of the 50-day EMA, challenging the bullish dominance and marking a deep correction with a potential dip to buy.