Published 2 days ago
Over the past three months, the Shiba Inu coin price action has shaped into a rounding bottom pattern. This pattern consists of three phases, a downfall, consolidation(accumulation), and uptrend, displaying a U-shaped recovery. In theory, this pattern can be seen as a sign that the selling pressure in the market has diminished, and that buyers are starting to enter the market, pushing prices higher.
Key Points:
- A bullish breakout from the $0.000014 neckline of rounding bottom pattern set the Shiba coin price for a 40% jump
- According to the RSI indicator, this meme coin has entered an overbought region and a correction is needed
- The intraday trading volume of the Shiba Inu coin is $1.12 Billion, indicating a 75% gain.
Source- Tradingview
From the January 1st low of $0.000008, the new year recovery surged the Shiba Inu coin price 75.5% higher to reach the current price of $0.000014. During this rally, the buyers breached multiple resistance which in return has switched to viable support and bolster further price growth.
Moreover, today, the SHIB price witnessed a significant inflow and recorded a 12% intraday price jump. The Shibarium builder, Unification, may have influenced this sudden price increase by revealing their progress layer-2 solution in a recent blog post.
Thus, with a massive bullish candle and growth in volume, the SHIB price breached the $0.000014 neckline of the rounding bottom pattern. If the daily candle closes above the mentioned resistance, the buyers will get a strong footing to support their further growth.
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In an ideal bullish scenario, this breakout may push the SHIB price 40% higher to hit the $0.00002 psychological barrier. In addition, the potential rally may face minor resistance at $0.00001522 and $0.0000178.
On a contrary note, if the buyers failed to sustain above the $0.000014 mark and drop lower, the Shiba coin price could witness a minor correction.
Technical Indicator
MACD: The Moving Average Convergence Divergence indicator identifies changes in momentum and trend. A bullish crossover between the indicator’s MACD(blue) and signal(orange) as seen above indicates the growth in underlying bullishness and a higher possibility of price recovery.
EMAs: the rising 20-day EMA offers dynamic support to the fast recovery SHIB price.
SHIB Coin Price Intraday Levels
- Spot price: $0.000014
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.00001522 and $0.0000178.
- Support level- $0.000014 and $0.00001255
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/shiba-inu-coin-price-soars-12-today-is-it-too-late-to-enter/