Shiba Inu Price Analysis: Will SHIB Procrastinate its Falling back from the Pattern?

Shiba Inu price is currently trading below the ascending triangle pattern over the daily price chart.
SHIB crypto is trading at 20 EMA but still below 50, 100 and 200-days Daily Moving Average.
The pair of SHIB/BTC is at 0.000000000585 BTC with an intraday gain of 2.56%.

Shiba Inu’s price moved into a consolidation phase inside an ascending triangle pattern after departing from a falling triangle pattern at the 2021 lows. The token will have to devise an escape strategy and enlist patron assistance. The daily price chart indicates that it is currently trading more slowly. If the coin wants to go through the consolidation period, it has to attract more investors. The SHIB coin needs to surpass the 2021 lows in order to retake the chart. The SHIB cryptocurrency needs to draw in more buyers if it wants to go through the consolidation stage of the ascending triangle formation. The token is trying to break out of the rising triangle pattern that started from the 2021 lows by ascending toward the upper trendline.

The market value of Shiba Inu is CMP $0.00001124, up 1.38% from the day before. During the intraday trading session, the trade volume increased by 48.74 percent. The token has broken out of the rising triangle pattern in this instance, which suggests that SHIB bulls are attempting to record it. The volume to market cap ratio is 0.04484.

To exit the ascending triangle pattern, SHIB coin price has to draw a sizable number of buyers. However, the steadily declining volume on the chart demonstrates that short sellers are connected to the SHIB currency. To avoid being discovered by the vendors, the token needs to attract customers. For the breakthrough to be recorded, the token must move close to the higher trendline while bulls are just barely holding the upper trendline’s edge.

What do Technical Indicators suggest about SHIB?

The price of SHIB coin is attempting to hold constant at the present level in an effort to alter the direction of the token. The SHIB currency must continue on its current trajectory in order to approach the upper range. Technical signs point to a downward trend, and the SHIB coin is arranged in an ascending triangle pattern.

The relative strength index shows the downward velocity of the SHIB coin (RSI). The RSI is getting close to oversold territory at 46. The MACD shows the sideways motion of the SHIB coin. The MACD line is above the signal line following a positive crossover. SHIB investors need to keep an eye on the daily chart for any changes in trend.

Conclusion

Shiba Inu’s price moved into a consolidation phase inside an ascending triangle pattern after departing from a falling triangle pattern at the 2021 lows. The token will have to devise an escape strategy and enlist patron assistance. The daily price chart indicates that it is currently trading more slowly. If the coin wants to go through the consolidation period, it has to attract more investors. The SHIB coin needs to surpass the 2021 lows in order to retake the chart. The SHIB cryptocurrency needs to draw in more buyers if it wants to go through the consolidation stage of the ascending triangle formation. For the breakthrough to be recorded, the token must move close to the higher trendline while bulls are just barely holding the upper trendline’s edge. Technical signs point to a downward trend, and the SHIB coin is arranged in an ascending triangle pattern. The MACD line is above the signal line following a positive crossover. SHIB investors need to keep an eye on the daily chart for any changes in trend.

Technical Levels

Support Level: $0.00001085 and $0.00001035

Resistance Level: $0.00001195 and $0.00001310

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.