In the wake of the recent market downturn, we’ve outlined how May 11 and 12 could significantly impact Shiba Inu’s short and medium-term price movements.
The recent market downturn has put various crypto assets, like Shiba Inu (SHIB), in hot waters. Shiba Inu has recorded massive losses in the past few days, plunging 8.45% in the weekly charts.
Importance of May 11 and 12 to Shiba Inu
Amid the ongoing downturn across the broader market, Shiba Inu faces two crucial dates – May 11 and 12 – which could potentially determine the asset’s short-term trajectory.
May 11 and 12 are imperative for SHIB because they represent the days when the asset is expected to test a significant resistance around the 50-day EMA (Exponential Moving Average).
In the meantime, Shiba Inu is signaling an imminent price spike after it found support at the 100 EMA indicator. Historically, the 100 EMA indicator has served as a robust base for price rebounds, with recent trends suggesting that SHIB is primed for such a resurgence.
With Shiba Inu recently finding support around the 100 EMA indicator, there is a likelihood that the canine-themed token will attempt to breach the resistance at 50 EMA in the coming days, particularly on May 11 and 12.
It bears mentioning that the 50 EMA indicator marks the most significant resistance level currently facing SHIB. Breaching this resistance could pave the way for a bullish rally for SHIB and vice versa.
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Massive Volatility Ahead
Meanwhile, Shiba Inu has been experiencing narrowing price bands, which usually occur before a period of heightened volatility. This narrowing suggests that Shiba Inu’s price is consolidating, gathering momentum before a substantial move occurs.
As the price compression intensifies, it establishes a buildup of potential energy, thus increasing the chances of a spike in volatility. Interestingly, movements characterized by increased volatility, as anticipated due to the narrowing price bands, usually act as potential triggers for breaching resistance, such as the one around the 50 EMA indicator.
Therefore, May 11 and 12 could determine Shiba Inu’s price movements both in the short and medium term.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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