Here’s Why Shiba Inu Coin’s 18% Jump Opens Up More Growth Potential

The formation of a rounding bottom pattern fuels the underline growth of bullish momentum for the Shiba Inu coin. Under the influence of this pattern and a recovery sentimental the market, the SHIB  price rebounded from the $0.000008 support and surged 58% higher to its current price of $0.00000125. Will this memecoin continue to rise higher from here, or are there hurdles that could interrupt it?

 Key Points: 

• A daily candle closing above $0.0000117 may drive the coin price 12% higher to rechallenge the $0.000017 barrier
• The 20-and-100-day EMA on the verge of bullish crossover encourages buyers to extend the price rally further.
• The intraday trading volume of the Shiba Inu coin is $988.1 Million, indicating a 254% gain.

Source- Tradingview

A parabolic rally with increasing volume activity indicates a sustained recovery in the Shiba Inu coin. A rounding bottom pattern is currently shaping this recovery rally and sets a potential rise to $0.000014 neckline resistance. 

By the press time, the SHIB price showed an 18% intraday hike and breached a local resistance of $0.000017. Moreover, this bullish breakout, backed by a high volume spike, indicates the traders’ confidence in reaching higher levels.

Moreover, this sudden price jump could be triggered by more burning activity as recently highlighted by @shibburn through Twitter. The tweets showcased that a total of 52,280,070 SHIB tokens burned and 15 transactions in the last 24 hours.

Thus, the bullish breakout from the 0.000017 ceilings could offer an entry opportunity for trade with suitable support to prolong further recovery. If the daily candle closes above the mentioned level, a post-breakout rally could drive the SHIB price 13% higher to challenge the $0.000014. 

Also Read: CRYPTO TELEGRAM CHANNELS LIST 2023

The traders should be cautious at the multi-month resistance of $0.000014 as it encourages a temporary pullback.

Technical indicator

Bollinger band: the recent price jump priced the upper band of the Bollinger band indicator, suggesting the ongoing recovery is aggressive for the time spent. Therefore, to stabilize the bullish trend, a consolidation above the dollar $0.000017 is expected.

RSI: The daily RSI slope rising higher into the bullish territory indicates active buying in the market.

SHIB coin price intraday level

• Spot price: $0.0000123
• Trend: Bullish
• Volatility: Low
• Resistance level- $0.000014 and $0.000018
• Support level- $0.0000117 and $0.000009