Here’s How Shiba Inu Coin’s Prolonged Recovery May Offer 20% Rise

U-shaped recovery from $0.0000079 support surged the Shiba Inu coin price by 17% in the last twelve days. This price recovery, backed by rising volume, indicates the buyer’s confidence for further growth. With a significant price jump today, the prices challenged the monthly resistance of $0.00000961. Should you enter if the SHIB coin breaks this barrier?

Key points:

• The Shiba coin price is rallying under the influence of a rounding bottom pattern
• A potential breakout from $0.0000096 resistance will encourage the coin price to 20% jump
• The intraday trading volume of the Shiba Inu coin is $115.2 Million, indicating a 36% loss.

Source- Tradingview

Continuing the bullish recovery we saw last week, the Shiba Inu coin prices sustained higher levels and showed a phenomenal increase of 8% in the last 24 hours. The bullish recovery has recently breached a crucial resistance level of $0.00000865, resulting in a long engulfing candle forming in the daily chart. 

In a deeper analysis of the price action, we can find a rounding bottom pattern forming in the daily chart with the neckline at the crucial level of $0.0000096. The formation of this bullish reversal pattern indicates sustained recovery in the market.

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However, the daily candle displays a higher price rejection from the 100-day EMA line, projecting a possibility of an increase in supply pressure. Thus, a consolidation phase close to the neckline is possible as it remains an area of increased supply. 

Despite the high price rejection, if the daily candle manages to close above the neckline at $0.0000096, Shiba holders can expect a 20% increase in the market value in the coming weeks.

Technical indicator

MACD: A gradual spread between the rising MACD and signal lines accentuates the steady growth in SHIB price. Moreover, these slopes could potentially breach the midline offering additional confirmation for long holders.

EMAs: the recent recovery phase breaks above the 20-and-50-day EMA to reach the 100 EMA projecting a high bullish momentum. 

SHIB Coin Price Intraday Levels-

• Spot rate: $0.00000915
• Trend: Bullish
• Volatility: High
• Resistance levels- $0.0000096 and $0.0000104
• Support levels: $0.0000086 and $0.0000078