Shiba Inu (SHIB) attempted a bold comeback over the past 24 hours but found itself tangled beneath layers of resistance as key moving averages stacked against bullish momentum. While yesterday’s bounce sparked hopes of a trend reversal, the hourly chart paints a cautious picture as SHIB struggles to reclaim higher ground. This analysis dives into the current technical structure using the 20, 50, 100, and 200-period Exponential Moving Averages (EMAs) on the 1-hour timeframe, offering insights into possible short-term price movements.
Bulls Push Back from 0.00001000 Support Zone
On April 7, SHIB experienced a sharp decline, briefly dipping below the 0.00001050 mark before bouncing back near the psychological level of 0.00001000. The recovery from this zone was swift, suggesting strong buy-side interest at lower levels. However, the bounce lacked follow-through above 0.00001170, where the EMA100 acted as a formidable resistance.
As of the time of writing, SHIB is trading at 0.00001132 with a 4.62% surge in the last 24 hours. The price is sandwiched between short-term EMAs, with the 20 EMA positioned at 0.00001138 and the 50 EMA at 0.00001148. Both levels act as immediate resistance barriers.
EMAs Form a Bearish Ceiling
The technical landscape leans bearish. All four EMAs – 20, 50, 100, and 200 – are aligned in a downward slope, often signalling a persistent downtrend and a lack of bullish dominance. SHIB’s recent attempt to climb above the 50 and 100 EMAs was rejected, reinforcing the significance of these levels as resistance zones.
The EMA20 currently sits at 0.00001138, while the EMA50 is at 0.00001148. The EMA100, where the bulls failed to gain traction, stands at 0.00001172. Meanwhile, the longer-term EMA200 hovers at 0.00001207, forming a final ceiling before any meaningful uptrend can resume. The rejection near this cluster of moving averages shows that bears are still aggressively defending their territory. For a bullish reversal to materialize, SHIB must break and hold above the EMA100 and ultimately clear the EMA200.
Volume Drop and Lower Highs Signal Caution
Another cause for concern is the declining volume during the recovery, coupled with a consistent pattern of lower highs. This behavior reflects weakening momentum on the buyer side, especially as SHIB approaches resistance levels. If price slips below the 0.00001100 level again, it could trigger renewed bearish pressure, possibly pulling the token back toward 0.00001050 or even the 0.00001000 support zone.
Related article: SHIB Burn Rate Surges 750% as Over 17 Million Tokens Removed
Outlook: Neutral to Bearish Until Key Levels Flip
In the short term, SHIB’s trend remains neutral to bearish. Price action must flip the EMA cluster into support for any bullish momentum to gain credibility. Until that happens, the market will likely range sideways or tilt slightly lower, with bearish forces maintaining the upper hand.
A clean breakout above the EMA100 will signal a potential shift in momentum, while a drop below 0.00001100 may reinforce a bearish sentiment and invite additional selling. For now, SHIB holders and traders should remain cautious as the token navigates a technically complex zone where risks and opportunities coexist.
