The Shiba Inu(SHIB) price experienced a significant inflow at $0.000022 support as Ethereum whales aggressively accumulated on this dip. The sudden price jump reverted the ongoing correction from the support trendline, maintaining the symmetrical triangle pattern. However, this sideways rally would continue till the price doesn’t breach either of the converging trendlines.
Key points:
- The symmetrical triangle pattern governs the SHIB price action
- The SHIB price rebounded from the $0.00002 support with a 25% long bullish candle
- The intraday trading volume of the Shiba Inu coin is $1.2 Billion, indicating an 18.5% drop.
Source- Tradingview
In early April, the SHIB buyers made several attempts to breach the $0.000022 overhead resistance. However, the multiple higher price rejection candles at the level accentuated their failure and triggered a bearish trend reversal.
The new bear cycle sliced through the $0.000025 support and tumbled the SHIB price by 21%. On April 11th, the altcoin witnessed a sudden sell-off where the long bearish candle hit the $0.000022 local support.
An ascending support trendline aligned with the $0.00002 level mounted stiff support for coin traders. Moreover, the Shiba Inu listing announcement on the trading platform Robinhood rebounded the memecoin with a long bullish engulfing candle.
We dropped new crypto ?
And we’re giving away $100K of it. Quote tweet this tweet with your Robinhood Username (@ included!) to get some ? #RobinhoodCrypto
The first 10K quote tweets will receive $10 of SHIB. pic.twitter.com/0jsBKYfJvw
— Robinhood (@RobinhoodApp) April 12, 2022
A 47% hike in trading volume indicates the buyers’ commitment to the $0.000025 resistance breakout. However, the coin price needs to escape the symmetrical triangle pattern to confirm a directional rally.
Technical indicator
The flattish EMAs(20, 50, 100, and 200) reflect a sideways trend for SHIB price. However, today’s price jump breached this cluster of EMAs, indicating the buyers’ have the upper hand.
Moreover, the RSI slope spiked into the bullish territory, indicating a positive turn in traders’ sentiment.
- Resistance levels- $0.000028, and $0.000033
- Support levels are $0.000025 and $0.00002288
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-prediction-shib-price-hints-symmetrical-triangle-breakout/