Bearish Pattern Threatens Shiba Inu Price for 12% Fall; But There’s a Catch

Breaking: Binance Removes Shiba Inu, 1INCH, FXS, TWT From Innovation Zone

Published 52 mins ago

SHIB Price Prediction: The ongoing correction phase in the Shiba Inu price takes a tiny detour after hitting $0.00000981 support. The strong support has turned the falling prices sideways and revealed the formation of a famous bearish continue pattern called an inverted flag. In theory, the pattern prolongs the ongoing downtrend after the prices breach the flag support and offers a short-selling opportunity to interested traders.

 Key Points: 

  • A bearish breakdown from the $0.00000981 support will accelerate selling pressure and tumble the coin price 12% down
  • A long-coming support trendline may undermine the ongoing correction phase
  • The intraday trading volume of the Shiba Inu coin is $110.4 Million, showing a 13% loss.

SHIB Price PredictionSource- Tradingview

As shown in the above chart, the SHIB price is resonating within the flag range spread from $0.0000118 and $0.00000977. As of now, the coin price trades at the $0.00000995 mark and retests the aforementioned support.

Under the influence of this pattern, the coin price is likely to escape this temporary sideways trend once sellers pierce the $0.00000977 local support. This breakdown may intensify the selling pressure and tumble of 12% down to retest an ascending trendline.

Triangle Pattern Likely To Replenish Bullish Momentum In Shiba Inu Price

SHIB Price PredictionSource- Tradingview

In the weekly time frame chart, the aforementioned ascending trendline is part of a bigger chart pattern called a symmetrical triangle. This chart pattern has maintained a sideways trend in Shiba Inu price for nearly a year. 

Thus, this long-coming chart pattern should have a stronger impact on Shiba Inu’s future trend, and therefore a retest to this support trendline is more likely to trigger a fresh recovery rally like it did in June 2022, and January 2023.

Technical indicator

Moving Average Convergence Divergence: The weekly MACD(blue) and signal(orange) lines give a strong sell signal with its bearish crossover below the midline.

Exponential Moving Average: The 20-day EMA act as a dynamics resistance to assist selling to complete the bearish pattern

Shiba Inu Price Intraday Levels

  • Spot price: $0.0000995
  • Trend: Bearish
  • Volatility: High
  • Resistance levels- $0.0000107 and $0.0000117
  • Support levels: $0.00001 and $0.00000875

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

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/shib-price-prediction-bearish-pattern-threatens-shiba-inu-price-for-12-fall/