Sign Up on MEXC
On February 4th, the Shiba inu coin price gave a massive breakout from the $0.000014 neckline resistance of the rounding bottom pattern. Defying market uncertainty, this bullish breakout from crucial levels could buy a significant footing to lead the bullish rally higher. Here’s how this pattern completion pattern may influence SHIB price future growth.
Key Points:
- A bullish breakout from the $0.000014 neckline of the rounding bottom pattern offer enter opportunity for sidelined buyers.
- The 20-day EMA slope offers dynamic support to the rising SHIB price
- The intraday trading volume of the Shiba Inu coin is $725.8 Million, indicating a 45% loss.
Source- Tradingview
The formation of a rounding bottom pattern is a sign of trend reversal in technical analysis. Under the influence of this pattern and the new year recovery in the crypto market, the SHIB price rallied 80.8% higher since January 1st and reached the current price of $0.0000144.
The bullish rally breached multiple resistance levels, from which the most recent one being the $0.000014 neckline resistance of the rounding bottom pattern. A breakout from this multi-month resistance should intensify the bullish momentum for prolonged recovery.
Also Read: Top 10 DeFi Lending Platforms In 2023
Over the past two days, the coin price retested the breached resistance as support, validating whether the buyers can sustain higher or not. Anyhow, the long-wick rejection attached to the two daily candles indicates the buyers are deafening the newly reclaimed $0.000014 mark.
Thus, the post-retest rally could drive the prices 36% higher to hit the $0.00002 mark.
Technical Indicator
MACD: A bullish crossover between the indicators as MACD(blue) and signal(orange) signifies the replenishing of bullish momentum and a higher possibility for uptrend continuation.
Bollinger band: the SHIB price breakout from the indicator’s upper band suggests the buying activity is aggressive for the given time. Thus, a minor consolidation above $0.000014 may stabilize the excessive buying before the bull run continues.
Shiba Inu Coin Price Intraday Levels
- Spot price: $0.0000145
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.000016 and $0.000018.
- Support level- $0.000014 and $0.000012
- SOL Strategies Begins Trading on Nasdaq With $94M in Solana Holdings
- Bitcoin, Crypto Market Rise as Court Halts Trump’s Bid to Oust Fed Gov Lisa Cook
- Grayscale Files Registration Statements for Litecoin, Hedera, and Bitcoin Cash ETFs
- SEC Delays Decision on Bitwise Dogecoin ETF Ahead First DOGE ETF Launch
- Metaplanet Upsizes Capital Raise To $1.4 Billion To Buy More Bitcoin
- Meme Coin Price Prediction: Shiba Inu, Pepe Coin, Dogecoin, TRUMP
- HYPE Price Eye $88 the Next as Lion Group’s Treasury Shifts to Hyperliquid
- Ripple Ecosystem Growth Meets Technical Strength—Is XRP Price on the Verge of $10?
- Cardano Price Prediction as Sept Fed 50bps Cut Odds Surge – Is $1.65 Next?
- Chainlink Price Prediction: Analyst Sees 48% Rally as Grayscale ETF Filing Ignites Hype
