Published 15 hours ago
Similar to the majority of major cryptocurrencies, the Shiba Inu coin witnessed a minor correction in early February. This temporary retracement was important for coin holders as it recuperated the exhausted bullish momentum and offered a discount opportunity to sideline traders. Therefore, the SHIB price plunged to local support of $0.0000122 before resuming the prevailing uptrend. Moreover, the price sustainability above this mentioned support is a sign that market participants are interested in buying the dip.
Key Points:
- The post-correction rally may push the Shiba Inu coin 12% higher to hit the monthly resistance of $0.000015
- A bullish breakout from $0.000015 will intensify the buying pressure and signal the resumption of the prior uptrend.
- The intraday trading volume of the Shiba Inu coin is $225.5 Million, indicating a 31.5% loss.
Source- Tradingview
The last four months’ price action of the Shiba Inu coin shows the formation of a cup and handle pattern. This pattern is characterized by a U-shaped recovery which is a cup portion, followed by a minor countertrend move/consolidation forming the handle.
Thus, the aforementioned corrections Shiba Inu coin is a part of this bullish reversal pattern. During this pullback, the coin price retested the $0.0000117-$0.00002 support to check price suitability at higher levels.
Thus, with the recent recovery in the crypto market, the Shiba Inu coin rebounded from the $0.00002 support and surged 9.8% higher to currently trade at the $0.0000132 mark. Furthermore, under the influence of a bullish pattern and sustained buying, the coin price should rise another 12% to rechallenge the neckline resistance of $0.000015.
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Furthermore, a bullish breakout from above mentioned resistance will trigger the bullish pattern and offer buyers a strong floating to lead the further rally. In an ideal conditions, this breakout could lead a bull run to the $0.000022 mark.
Technical indicator
EMAs: The Shiba Inu could show sustainability above the recently reclaimed 200-day EMA and offer additional confirmation for trend reversal.
ADX: the ADX slope continues to move downward indicating the buying pressure is sufficient yet and thus the coin price may prolong consolidation for a few more sessions.
Shiba Inu Coin Price Intraday Levels
- Spot rate: $0.0000132
- Trend: Bullish
- Volatility: Medium
- Resistance levels- $0.000015 and $0.000018
- Support levels: $0.00002 and $0.0000105
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: https://coingape.com/markets/heres-why-shiba-inu-coins-next-recover-cycle-may-surpass-0-000015/