Shiba inu

Bullish Pattern Sets $SHIB Price for 17% Upswing

Published 4 hours ago

Shiba Inu Price Analysis: An ascending triangle pattern is currently carrying the short-term bull trend in the Shiba Inu price. The bullish continuation pattern is formed using a support trendline and a horizontal neckline resistance. The new higher lows formed using this pattern are a sign of gradual growth in bullish momentum and offer a potential upswing.

Also Read: Shiba Inu Team Denounces LEASH Impersonator

Shiba Inu Price Daily Chart: 

  • The ongoing recovery in SHIB price may prolong until the triangle pattern is intact.
  • A bullish breakout from $0.0000084 will intensify the buying pressure on the market
  • The intraday trading volume of the Shiba Inu coin is $83.2 Million, showing a 28% loss.

Shiba Inu Price AnalysisSource- Tradingview

While the crypto market is wavering in uncertainty, the Shiba Inu price showed another bearish reversal from the $0.0000084 neckline resistance. This reversal tumbled the prices by 9.4% and reached the current trading price of $0.00000769.

However, the falling price may soon reach the lower trendline of the triangle pattern near $0.0000075, offering a pullback opportunity. The dynamic support offering constant support could replenish the bullish momentum and continue the recovery higher.

However, the SHIB price would witness a significant inflow once the bulls breach the $0.0000084 neckline resistance. With a daily candle closing above this barrier, the buyers will obtain a strong launchpad to drive the prices 17% higher and hit $0.0000098

Will SHIB Price Revert to $0.0000083?

If the overall market trend turns bearish, the SHIB price could break the lower trendline as a sign of a major correction. The breached support would turn into a potential resistance assisting sellers to put higher pressure on buyers. The potential downfall could plummet the memecoin back to $0.0000064.

  • Relative Strength Index: The formation of higher highs and lows in the daily RSI slope reflects underlying bullish momentum is gradually rising.
  • Super Trend: A red film projected in the daily chart indicates the overhead trendline is still bearish.

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *