Posted 21 minutes ago
Similar to the majority of major cryptocurrencies, the Shiba Inu coin experienced a minor correction in early February. This temporary refresh was important for coin holders as it recovered exhausted bullish momentum and offered a discount opportunity to margin traders. Hence, SHIB price fell to the local support of $0.0000122 before continuing the prevailing uptrend. Furthermore, price sustaining above this aforementioned support is a sign that market participants are interested in buying the dip.
Basic points:
- Post-correction rally may push Shiba Inu coin 12% higher to reach monthly resistance at $0.000015
- A bullish breakout of $0.000015 will intensify buying pressure and signal a resumption of the previous uptrend.
- Shiba Inu coin’s intraday trading volume is $225.5 million, indicating a loss of 31.5%.
Source- Tradingview
The price of the last four months of the Shiba Inu coin shows the formation of a cup and handle pattern. This pattern is characterized by a U-shaped recovery that is a cup section, followed by a small countertrend move/consolidation that forms the handle.
Thus, the aforementioned Shiba Inu coin corrections are part of this bullish reversal pattern. During this pullback, the coin price retook the $0.0000117-$0.00002 support to test the suitability of the price at higher levels.
Thus, with the recent rally in the crypto market, Shiba Inu coin recovered from the $0.00002 support and rose 9.8% to currently trade at the $0.0000132 mark. Furthermore, under the influence of a bullish pattern and continued buying, the coin price should rise by 12% to re-challenge the neck resistance of $0.000015.
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Additionally, a bullish breakout from the above resistance will activate the bullish pattern and provide buyers with a strong swing to drive the further rally. In ideal conditions, this breakout could lead to a bull run to the $0.000022 level.
Technical indicator
EMA: The Shiba Inu could show sustainability above the recently recovered 200-day EMA and provide additional confirmation of a trend reversal.
ADX: the ADX slope continues to move downwards, indicating that the buying pressure is still sufficient and therefore the coin price may extend the consolidation for a few more sessions.
Intraday Shiba Inu Coin Price
- Spot rate: $0.0000132
- Trend: Upward
- Volatility: Moderate
- Resistance levels – $0.000015 and $0.000018
- Support levels: $0.00002 and $0.0000105
The content presented may include the personal opinion of the author and is subject to terms of purchase. Do your market research before investing in cryptocurrencies. The author or publication bears no responsibility for your personal financial loss.