Published 20 mins ago
The long-lower price rejection at $0.00001 support indicates a possible price reversal. However, a descending trendline of falling channel patterns has limited the bullish growth for the past two months. Thus a potential reversal may struggle to surpass the overhead trendline and resume the ongoing downfall. However, what if the Shiba Inu price breaks this resistance?
Key points:
- A bullish reversal from the $0.00001 support could push the prices 8% higher.
- Until the Shiba Inu price wobbles inside the parallel channel pattern, coin holders will continue to witness a downward spiral.
- The intraday trading volume of the Shiba Inu coin is $268.5 Million, indicating a 168% gain.
Source- Tradingview
A steady downfall in Shiba Inu price for the past two months revealed a falling parallel channel pattern. However, the prices have retested the pattern barrier multiple times, indicating the traders are respecting its levels.
Though this pattern leads to a downward trend, the technical setup triggers a strong direction rally once the prices breach the resistance trendline. Amid the recent sell-off in the crypto market, altcoin turned down from the resistance trendline at the $0.000017 mark and tumbled 15.3% down to hit the $0.00001 psychological support.
Earlier today, the Shiba Inu price was 4% down to breach the aforementioned support. However, The buyers defending this level aggressively have reverted the price higher with a long-lower price rejection candle.
Also read: Shiba Inu Back As Top Choice Among Ethereum whales; But Here’s The Catch
A bullish reversal will bolster buyers to rechallenge the overhead resistance. Thus, a potential breakout from this resistance will surge the prices 38% higher to hit the $0.000014 resistance.
On a contrary note, a reversal from the resistance trendline or $0.00001 support will prolong price correction and gradually pull the prices to the June bottom support of $0.0000074.
Technical indicator
EMAs: The downsloping EMAs(20, 50, 100, and 200) highlight an active downtrend. Moreover, these resistances will offer significant resistance to rising prices.
Relative Strength indicator: the daily-RSI slope dives deeper into the bearish territory indicating aggressive selling from trades.
Shiba Inu Coin Price Intraday Levels
- Spot rate: $0.00001024
- Trend: Down
- Volatility: Medium
- Resistance levels- $0.00001225 and $0.000014
- Support levels: $0.00001 and $0.000009
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/shiba-inu-price-following-a-bullish-pattern-keeps-its-eyes-for-38-jump/