Russia-Ukraine negotiation news has put some ease on the crypto market. However, the Shiba Inu (SHIB) price resonates in a narrow consolidation over the past week, indicating no clear trend has been established The lower time frame chart shows a symmetrical triangle pattern which would kickstart a new recovery.
Key technical points:
- The 50-day EMA offer dynamic resistance to the SHIB price
- The intraday trading volume in the Shiba Inu coin is $1.2 Billion, indicating a 29% gain.
Source- Tradingview
The retracement rally began in February’s second week tumbled the Shib In(SHIB) price by 34%, hitting a prior resistance level of $0.0000232. The bears knocked out two significant support levels of $0.0000278 and $0.0000232.
Shiba Inu chart shows several lower price rejections at this level, indicating the resistance has flipped to support. However, the buyers are still struggling to overcome the immediate resistance of $0.0000253, creating a minor consolidation phase.
The sluggish movement of the daily RSI slope below the neutral zone maintains a negative sentiment among the traders.
SHIB Price Wobbling In A Symmetrical Triangle Pattern
Source-tradingview
The 4-hour technical chart displayed the above consolidation as a symmetrical triangle pattern. The SHIB price resonates inside this pattern preparing for its next move.
If buyers breakout and close above the descending trendline, the bulls would drive altcoin 12% high to reach the $0.000027 mark.
Alternatively, if sellers dump the price below the support trendline and $0.000023, the correction phase would continue, and the traders can expect to retest the January low support($0.0000186).
In a bearish alignment, the downsloping crucial EMAs(20, 50, 100, 200) indicate a downtrend. Moreover, the 4-hour 50 EMA dynamic resistance rejects the bear trend rallies.
- Resistance levels- $0.000025, and $0.000027
- Support levels are $0.000023 and $0.00002.
Disclaimer
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.
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Source: https://coingape.com/markets/shib-price-analysis-descending-trendline-restricts-the-shib-buyers-activity-to-minimal-so-whens-right-to-buy/