Shiba Inu Faces Crucial 100-Day EMA Test as Crypto Market Review Highlights Uncertainty

Shiba Inu (SHIB) has made an impressive short-term comeback after rising from local lows, but its next challenge might be a tough one. The meme coin is currently testing the 100-day EMA, which has frequently served as a ceiling during the wider decline.

The price passed through a number of resistance levels recently, and the RSI momentarily rose above 70, indicating overbought conditions. However, the asset has somewhat cooled off since then, with the RSI easing toward the high 50s.

A successful daily close above the 100-day EMA would represent more than just another resistance break, as it would raise SHIB above all of its shorter-term moving averages and change the direction of the market structure to one that is more optimistic.