Published 1 hour ago
In the daily time frame chart, the Shiba Inu coin chart shows the formation of a rounding bottom pattern. In theory, this bullish reversal pattern signals a smooth transition from a downward trend to an upward trend in asset prices. The gradual shift in price movement and change in investor sentiment can indicate a potential change in the overall trend. However, the bullish recovery is currently at a halt as uncertainty in the market increases. Here’s how you may trade this pattern.
 Key Points:Â
- A daily candle closing above $0.0000125 will release the Shiba Inu coin from ongoing uncertainty and drive prices by 18.6%
- If the price breaches the $0.000011 support, the bullish thesis will get invalidated.
- The intraday trading volume of the Shiba Inu coin is $283 Million, indicating a 10% loss.
Source- Tradingview
Amid the recent recovery, the Shiba coin price has recently breached a local resistance of $0.000018 resistance. The breakout was supposed to accelerate bullish momentum and prolong the bullish rally, but instead, the price turned sideways. Thus, the upcoming FOMC caused indecisiveness among market participants, resulting in a higher volatile phase in the Shiba Inu price.
As of now, the SHIB price resonates in a narrow range stretched from $0.0000125 to $0.0000111 mark. Anyhow, after an explosive rally, this short- consolidation could benefit this meme coin for a long bull run.
Also Read: Top 10 DeFi Lending Platforms In 2023
Moreover, the lower price rejection candles at $0.000011 support indicate the buyers are defending newly obtained support. By the press time, the SHIB price traded at $0.00000118, with an intraday loss of 0.08. Thus, if the buyers continue to hold above the $0.000011 support, the recuperated buying pressure should increase prices to 18.56% to challenge the $0.000014 neckline resistance.
Thus, the breakout above the $0.000014 barrier under a favorable bullish scenario will encourage buyers to chase the $0.00002 mark.
Technical Indicator
Bollinger band: the SHIB price wavering above the indicators’ midline suggests the buyers still possess trend control.
RSI: Amid the ongoing consolidation, the daily RSI slope has reverted from the overbought region, suggesting that the bullish trend is stabilizing.
Shiba Coin Price Intraday Levels
- Spot price: $0.00001179
- Trend: Bearish
- Volatility: High
- Resistance level- $0.00001235 and $0.000014
- Support level- $0.00001082 and $0.00000975
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.
