Shiba Inu SHIB/USD was popping up about 1.7% higher during Tuesday’s 24-hour trading session, in tandem with Dogecoin DOGE/USD, which was trading slightly higher.
Both Shiba Inu-inspired cryptos had been consolidating since Sunday, along with Bitcoin BTC/USD and Ethereum ETH/USD.
Consolidation across the crypto space is needed because many coins and tokens had surged over recent weeks, causing the apex cryptos to regain the important 200-day simple moving average (SMA) as support.
Shiba Inu skyrocketed more than 42% between Dec. 28 and Saturday and had since been consolidating under the 200-day SMA.
The 200-day is an important bellwether indicator, which technical traders use to determine if a stock or crypto is in a bull or bear cycle. The 200-day SMA acts as both a heavy area of support and resistance, and stocks and cryptos rarely break up or down through the level on the first attempt.
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The Shiba Inu Chart: Shiba Inu’s consolidation under the 200-day SMA was taking place in the form of a triple inside bar pattern. The pattern leans bullish in this case because Shiba Inu was trading higher before forming the inside bars.
Read Next: Why SHIB Is Back On Top 3 Holdings Of Major ETH Whales
Photo: Dennis Diatel via Shutterstock
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