Published 11 hours ago
The ongoing recovery in Shiba Inu price halts at the local resistance of the $0.000014 mark. In addition, the several higher price rejection candles at this supply zone indicate the exhausted bullish momentum and a higher possibility for price reversal. Thus, a bearish reversal could offer a pullback opportunity for interested buyers
Key points:
- The Shiba Inu price witnessed a temporary pullback before the next bull cycle
- A breakout from $0.000014 would bolster further growth for coin holders
- The intraday trading volume of the Shiba Inu coin is $787.5 Million, showing a 120% gain.
Source- Tradingview
The fast-moving uptrend in the Shiba Inu prices reached a high of $0.000015 and registered a 52% jump within a week. However, the recovering prices failed to sustain above the resistance confluence of $0.000014 and the 200-day EMA.
After the remarkable recovery, the meme coin retraced to retest the crucial horizontal level of $0.000018 with an 8% bearish candle yesterday. Nonetheless, the post-retest reversal from the aforementioned support and the 100-day EMA teases an upcoming consolidation to contract the trend momentum.
Additionally, the rising trading volume supports the bullish reversal, increasing the uptrend continuation possibility above the $0.000014 level.
Currently, the Shiba Inu trades at the $0.00001236 mark and resonates within crucial levels and EMAs, with a higher probability of a bullish breakout. Thus, if this theory worked out, the Shiba Inu price could continue the uptrend by 38% and attain the high of $0.000017.
On a contrary note, if the profit booking rally starts, the altcoin price will breach the underlying support and slump to $0.00001.
Technical indicator
Relative strength index– the daily-RSI slope reverted from the overbought region, indicating the prices are stabilizing from prithe or rally
EMA- the Shiba Inu price is wobbling between the 100-and-200-day EMA. However, a potential bullish crossover between the 20-and-50-day EMAs should encourage the resumption of the bull run.
Shiba Inu price intraday levels
- Spot price: $0.00001236
- Trend: Bullish
- Volatility: low
- Resistance levels- $0.000014 and $0.000015
- Support levels: $0.00000119 and $0.00000976
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/should-you-buy-this-potential-pullback-in-shiba-inu-price/