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Shiba Inu SHIB/USD was edging over 2% higher during Wednesday’s 24-hour trading session, in tandem with Bitcoin BTC/USD, which was rising by about the same amount.
Shiba Inu, dubbed the “Dogecoin killer,” was outpacing Dogecoin DOGE/USD and attempting to regain the 50-day simple moving average (SMA) as support after breaking down bearishly from a triangle pattern, which Benzinga said to watch for to determine future direction on Feb. 23.
Interestingly, the crypto sector was moving higher in opposition to the general market, which saw the S&P 500 gap down to open and continue to fall in the early session. The crypto sector appears to be moving with spot gold, on the other hand, which was edging higher for a third consecutive day.
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Fear that the Federal Reserve will continue to raise rates into 2023, and perhaps by more than 0.25% in March, has gripped the stock market, sparking concerns the central bank’s inability to hamper inflation quickly could throw the U.S. into a recession. If that happens, it will be the first time the crypto sector has traded during a major economic downturn, which will provide a glimpse into whether the argument that Bitcoin is the “new gold” is true.
The Shiba Inu Chart: Shiba Inu broke down from its triangle pattern on Feb. 25, breifly popped back up into the formation and on Feb. 27, the crypto lost support at the lower trendline of the pattern for a second time. On Tuesday, bearish momentum came in and caused Shiba Inu to fall over 4%.
- During Wednesday’s session, Shiba Inu was attempting to regain the 50-day SMA and if the crypto is able to close above that area, it will give bullish traders more confidence going forward. If that happens, Bullish traders will want to see Shiba Inu regain the eight-day and 21-day exponential moving averages over the next few days.
- Shiba Inu is trading in a downtrend, with the most recent lower high formed on Sunday at $0.00001318 and the most recent lower low printed at the $0.00001192 on Wednesday. For the downtrend to be negated, Shiba Inu will either need to pop up above the most recent lower high or form a higher low on the next retracement lower.
- Shiba Inu has resistance above at $0.00001259 and $0.00001349 and support below at $0.00001178 and $0.00001081.
Next: Revealed: The Most Googled Questions On Cryptos And Their Answers
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Image and article originally from www.benzinga.com. Read the original article here.