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SHIB Price Prediction: On March 29th, the Shiba Inu coin price gave a bullish breakout from the long-coming resistance trendline of the daily time frame chart. This breakout signaled a switch in market sentiment from selling on rallies to buying on dips. Here’s how this breakout may influence the future price of SHIB price
Key Points:
- A bullish breakout from the downtrend carrying a trendline indicates a sign of trend reversal.
- A bullish divergence in the daily RSI slope indicates the rising buying pressure in the SHIB Inu coin
- The intraday trading volume of the Shiba Inu coin is $1.8 Billion, showing a 167% gain.
Source- Tradingview
Under the influence of a downsloping trendline, the Shiba Inu price witnessed a steady correction for the past seven months. However, with increasing uncertainty in the crypto market, the coin price took a sudden side turn and maintained sustainability above $0.0000102.
After a two-week-long consolidation between the aforementioned levels, the buyers wrestled trend control and breached the overhead trendline. This bullish breakout released the trapped bullish and set the SHIB price for a significant upswing.
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So far the post-breakout rally has surged this meme coin 9.5% higher to reach the current price of $0.0000114. With sustained buying, the SHIB price will most likely breach the $0.0000115-$0.0000116 resistance zone, followed by $0.00001254.
Each of these resistance breakouts will fuel the bullish momentum to prolong the bullish recovery.
On a contrary note, if the selling pressure is near $0.0000116, the SHIB holders could witness a prolonged consolidation.
Technical indicator
Relative strength index: despite a sideways trend in price action, a steady growth in the RSI slope indicates the growth in underlying bullishness and increasing possibility for bullish recovery.
EMAs: the 200-day EMA moving near the $0.0000116 mark creates a strong resistance level.
Shiba Inu Price Intraday Levels
- Spot price: $0.0000112
- 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-shiba-inu-price-out-from-long-consolidation-hints-a-potential-rally-of-10/