Shiba Inu Price Poised for 17% Fall as Market FUD Rises; But There’s a Twist

SHIB Price Prediction: The Shiba Inu price has been in a sideways trend for nearly a year, resonating between two converging trendlines. The weekly chart showcases this consolidation as a symmetrical triangle pattern usually known as a trend continuation pattern. However, there are criteria where this pattern can act as a reversal setup and thus assist the SHIB price resuming kickstart a new recovery rally.

 Key Points: 

• A symmetrical triangle pattern governs the sideways trend in the Shiba Inu coin
• A significant breakout from either trendline will release the trapped momentum within the chart pattern
• The intraday trading volume of the Shiba Inu coin is $101.4 Million, showing a 41% loss.

sSource- Tradingview

Under the influence of a symmetrical triangle pattern, the asset price wobbles within converging trendlines reflect uncertain sentiment among market participants. The Shiba Inu price has rebounded twice from the pattern’s resistance trendline and several times from the support trendline, indicating the traders strictly respect this chart setup and could do the same for its potential target. 

Currently, the Shiba Inu price is in a bear cycle within the chart pattern which usually pushes the prices back to the lower support trendline. As of now, this memecoin trades at $0.00001038 with an intraday loss of 0.86%. 

Also Read: 15 New Cryptocurrencies To Buy In 2023

With sustained bearish momentum, the SHIB price may tumble 18% and revisit the lower trendline. However, if the technical chart shows reversal signs at the dynamic support, the coin price will trigger a new bullish upswing and prolong the sideway trend within the pattern.

Anyhow, the key criteria for the coin price to ride a directional rally depend on which trendline the price gives a decisive breakout. 

Technical indicator

Relative strength index: Despite a sideways action in SHIB price, the daily RSI slope rising indicates the buying price is increasing at a lower level which suggests a higher possibility of an upside breakout. 

Bollinger Band: Amid the recent sell-off, the SHIB price breakdown below the midline of the Bollinger Band indicator gives an additional confirmation for further downfall.

Shiba Inu Price Intraday Levels

• Spot price: $0.00001035
• Trend: Bearish
• Volatility: Low
• Resistance levels- $0.000015 and $0.000018
• Support levels: $0.00000954 and $0.00000774