Over the past six weeks, the Shiba Inu coin price has been wavering in a sideways rally. However, the daily chart has revealed this lateral price action into a slightly declined wedge pattern. Moreover, the falling wedge pattern usually provides a strong directional rally once the price break the overhead trendline.
- The bullish breakout from the falling wedge pattern sets the SHIB price for a 25% jump
- A bullish RSI divergence hints high possibility for prices to revisit above the trendline.
- The intraday trading volume of the Shiba Inu coin is $813.7 Million, indicating a 17.5% loss.
Despite the highly volatile market crypto market caused by the FUD surrounding the Binance crypto exchange, the SHIB price continues to respect the levels of the wedge pattern. In theory, the price action gradually narrowing between two converging trendlines reflect the bearish momentum is getting weak.
Following the recent downfall, the SHIB price plunged back to the pattern’s support trendline, trying to replenish bullish momentum. However, the ongoing uncertainty in the market has stalled the potential growth and forced a consolidation above the trendline.
As per the technical setup, the prices should rebound from the trendline and rise 5% up to hit the combined resistance of the pattern’s trendline and $0.0000087. Moreover, under the influence of this falling wedge pattern, this memecoin should break above the resistance trendline and release the trapped bullish momentum.
This breakout would bolster buyers for a 25% growth to reach $0.00000105.
On a contrary note, a breakdown below the trendline will invalidate the bullish these and encourage a deeper price correction.
Relative strength index: the daily-RSI slope rising despite a consolidation price action indicates growth in underlying bullishness. This positive divergence increases the probability of price reversal to the above trendline.
EMAs: the 20-day EMA has acted as a dynamic resistance throughout the pattern formation. Thus, the buyers should obtain an additional confirmation when the pattern breakout also reclaims this EMA.
Shiba Inu coin Price Intraday Levels
- Spot rate: $0.0000083
- Trend: Bullish
- Volatility: Medium
- Resistance levels- $0.0000087 and $0.0000096
- Support levels- $0.000008 and $0.0000075
The post Here’s Why Shiba Inu Coin’s Next Recovery Cycle May Hit $0.00001 appeared first on CoinGape.
- Mobile app
- Telegram Channel
- Telegram Group
- Binance Referral Link
- Bitmex Referral Link
- (Recommended For Leverage) ByBit Referral Link
- Buy Ledger Nano at discounted price
- Buy Cool Wallets at discounted price
Don't forget to share your review/suggestions for the android app.
All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risks