Published 1 hour ago
SHIB Price Prediction: Over the past six weeks, the SHIB price maintained a sideways trend resonating within an ascending support trendline and a $0.000017 horizontal neckline. In the daily chart, these two levels reveal the formation of an ascending triangle pattern. Here’s how you may trade this pattern to grab a profitable long-entry opportunity.
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Key Points:
- The area between the support trendline and $0.000017 resistance can be considered a no-trading zone for Shiba Inu
- A bullish breakout from $0.000017 will release the trapped bullish momentum within the narrow range
- The intraday trading volume of the Shiba Inu coin is $128.4 Million, showing a 14% gain.
Source- Tradingview
The Shiba Inu price currently trades at $0.0000115 and is witnessing high supply pressure from the $0.000017 resistance. The daily chart showcasing long-wick rejection at the aforementioned resistance indicates the seller continues to defend this level.
Thus, the coin price is more likely to revert from the $0.000017 resistance and retest back to the rising support trendline. In theory, the price action formation lower high using the support trendline indicates gradual growth in underlying bullish momentum.
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Under the influence of the pattern, the SHIB price should eventually break the overhead resistance in the coming weeks. A daily candle closing above $0.000017 will intensify the bullish thesis and offer interested buyers an entry opportunity.
If the coin price manages to sustain above the breached resistance, the potential rally will push the prices 20% to hit $0.000014.
Conversely, a breakdown below the support trendline will offset the bullish theory.
Technical indicator
Relative strength index: Steady growth in the daily RSI slope reflects increasing positivity for the Shiba Inu price and a higher chance to breach $0.000017
EMAs: The SHIB price moving above the daily EMAs(20, 50, 100, and 200) offers multiple support to bolster coin buyers
Shiba Inu Price Intraday Levels
- Spot price: $0.00001115
- Trend: Bearish
- Volatility: High
- Resistance levels- $0.0000167 and $0.0000125
- Support levels: $0.00001028 and $0.0000097
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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.
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- Source: https://coingape.com/markets/shib-price-prediction-shiba-inu-price-coiling-up-for-a-potential-20-rise-buy-today/
