Shiba INU price surges marginally, although the bullish market sentiments have spiked within the crypto space. With the fresh interest rates released by the FOMC, Bitcoin prices surged beyond $23,800. Following the star crypto, the majority of the altcoins also spiked beyond their resistance levels. However, SHIB’s price despite accumulating enough strength could rise marginally, failing to flow along the current market trends.
The SHIB bulls appear to remain passive as the value rose not more than 1% at the momentum, indicating the bulls maintaining a safe distance. Moreover, the current trade setup indicates the possibility of a bearish reversal with the formation of an inverted bearish hammer.
Shiba INU prices surged by more than 60% since the beginning of 2023 but have been maintaining a significant descending trend over the past week. The asset failed to surge beyond the crucial resistance despite the recent bullish push triggered by the FOMC. The price is currently struggling hard to defend the $0.000012 level and prevent the rally from re-testing the lower support around $0.000011.
However, the bullish pressure has mounted, while the MACD remains within the positive ranges. On the other, RSI has been sliding down but somehow managed to halt the bearish trend and displayed a minor bullish divergence. Therefore, the possibility of a bullish reversal may not be completely eliminated but could be extended for a while.
Written by: Qadir AK
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