Published 20 hours ago
The intense selling pressure of the $0.0000096 mark is evident by the long wick doji candle. This candle of uncertainty after a recovery rally indicates the bullish momentum has exhausted. As a result, the Shiba Inu coin is poised for a temporary pullback which could offer discount opportunities to interested traders.
Key points:
- A daily candle closing above $0.00000961 may drive the coin price 8.8% higher to rechallenge $0.0000104 barrier
- The potential bullish crossover between the 20-and-50-day EMA may bring additional buying orders in market.
- The intraday trading volume of the Shiba Inu coin is $302 Million, indicating a 20% loss.
Source- Trading View
Amid the recent recovery in crypto, the Shiba Inu coin rebounded from the 2022 bottom support of $0.00000788. This bullish reversal led by a rounding bottom pattern, offered a steady bullish recovery over the past two weeks.
The U-shaped recovery accounted for 22.8% growth and surged the SHIB price to its current level of $0.00000968. Earlier today while the overall market was still under bullish sentiment this memecoin tried to breach the $0.00000961 neckline resistance of the rounding bottom pattern.
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However, by the press time, the daily candle shows a long wick rejection, indicating the overhead selling pressure is intense. This bearish momentum may rise if the temporary long traders started booking profits.
Thus, a minor pullback in Shiba Inu coin may tumble the price by 9% to revisit the $0.0000088 support. If the overall bullish sentiment persists in the market, the prices are likely to rebound from this support and resume the price rally.
Thus, the traders enter at this pullback opportunity, to grab a potential rally with higher change to surpass $0.00000961 .
Technical indicator
MACD: the increasing gap between the MACD and signal indicates the growth in underlying bullishness and higher possibility of price recovery.
EMAs: the 100-day EMA located near the $0.0000961 intensifies the resistance power of this barrier.
SHIB coin price intraday levels
- Spot price: $0.44
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.553 and $0.6
- Support level- $0.428 and $0.382
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-shib-price-is-poised-for-9-drop-buy-this-dip/