⚡Crypto Alert : Altcoins are up 28% in just last month! Unlock gains and start trading now - Click Here

Will Bitcoin reach $100,000 before summer?

Shiba Inu Coin Faces the 100 SMA After the Surge, Bitcoin Resumes Uptrend

Posted Thursday, February 10, 2022 by
Skerdian Meta • 2 min read

After the bearish momentum of the last three months ended, cryptocurrencies stalled, then they started making some small gains. But as time goes by, it looks increasingly as though the larger bullish trend is resuming, and buyers are gaining more confidence. Shiba Inu and Bitcoin covered considerable ground off the lows in late January, and it seems like they are resuming the uptrend.

Bitcoin Weekly Chart Analysis – BTC Making Higher Lows

Bitcoin made a new all-time high in November, at below $70,000, after the retreat in May, from $65,000. However, the second retreat in the last three months was just as big as the first one, although the low this time was higher than the previous one, with BTC/USD reversing at $33,000, which means that the pressure has remained to the upside, especially since the reversal in the last three weeks.

The retreat ended at the 100 weekly SMA (green) and it seems like the 50 SMA (yellow) is not being too much trouble to the buyers. Cryptocurrencies, especially the main ones, such as Bitcoin, are increasingly becoming a mainstream means of payment and investment, attracting large firms, such as KPMG Canada, which announced on Monday that it had purchased Ethereum (ETH) and Bitcoin (BTC) for its corporate treasury, while Tesla Inc. invested $1.5 billion in BTC last year. So, the progress into the mainstream will keep the demand for Bitcoin up. The mining rigs that were used for Bitcoin mining in China have been transferred to east Russia, so the industry continues operating, and it will eventually replace traditional currencies.

Shiba Inu Daily Chart Analysis – SHIB Stalling at the 100 SMA

SHIB remains stuck below the 100 SMA

Shiba Inu had a great rally in October last year, increasing from $0.0000060 to $0.000088, but it wasn’t able to hold the gains, and the price has been sliding lower for three months, with SHIB slipping below all moving averages, and the 50 SMA (yellow) turning into resistance on the daily chart. The support zone was also broken, and SHIB/USD fell to $0.000017, but several days ago, we saw a strong bullish move that sent the price to $0.000035.

That’s where the 100 daily SMA (green) stands, which has turned into resistance. This stopped the climb, but the price is not retreating lower, which means that buyers are still attempting to break above it. Shiba Inu is launching the layer-2 Shibarium, which will be a better alternative to the current layer-1, as Shiba begins to enter the GameFi space.  Meanwhile, the founder of Bigger Entertainment, Steven Cooper, keeps accumulating Shiba coins and burning them. So far, his firm has removed more than 1.1 trillion SHIB tokens, in an effort to take its price to $0.01.

Shiba Inu Coin SHIB Live Chart

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments