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SHIB Price Prediction: For over two weeks, the Shiba Inu coin price has been trapped between two fixed levels of $0.0000116 and $0.00001020. Within this range, the coin price has shown a cluster of daily candles accentuating the ongoing uncertainty in the market. Here’s how you may find buying Shiba Inu coins despite increasing FUD in the market.
Key Points:
- The Shiba Inu coin price potential breakout from either level of the range will trigger a directional price trend.
- The 50-and-200-day EMA slope wavering near the $0.0000116 resistance indicates the buyers face tackle multiple resistance.
- The intraday trading volume of the Shiba Inu coin is $382.6 Million, showing a 36% gain.
Source- Tradingview
The February month downtrend in SHIB price turned sideways as the broader market showed uncertainty among market participants. As a result, this meme-coin started resonating between the buying climax of $0.0000116 and the selling climax of $0.0000102, creating a narrow range.
Thus, potential buyers must consider the aforementioned region as a no-trading zone and for a price breakout to release the trapped momentum.
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Therefore, a potential breakout from the $0.0000116 resistance with a daily candle closing above will accelerate the bullish momentum. The resulting rally may drive the Shiba Inu coin price to the $0.000014 mark, recording a 20% growth potential.
On a contrary note, a breakdown below $0.0000968 will signal the resumption of the prior downtrend which may pull the price back to multi-month support of $0.0000079-0.0000075.
Technical indicator
Relative strength index: Although the price action has been moving sideways, the RSI slope rising higher reentered the bullish territory, indicating a growing bullish sentiment and a higher likelihood of a bullish recovery.
EMAs: the SHIB price moving above the midline and upper band of the Bollinger band indicator suggests the market buyers are trying to regain trend control.
Shiba Inu Price Intraday Levels
- Spot price: $0.0000113
- Trend: Bullish
- Volatility: High
- Resistance levels- $0.0000116 and $0.0000125
- Support levels: $0.00001028 and $0.0000097
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-shib-price-colling-up-for-massive-price-to-buy/