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Similar to the majority of major cryptocurrencies, the Shiba Inu coin witnessed a minor correction in early February. This temporary retracement was important for coin holders as it recuperated the exhausted bullish momentum and offered a discount opportunity to sideline traders. Therefore, the SHIB price plunged to local support of $0.0000122 before resuming the prevailing uptrend. Moreover, the price sustainability above this mentioned support is a sign that market participants are interested in buying the dip.
Key Points:
- The post-correction rally may push the Shiba Inu coin 12% higher to hit the monthly resistance of $0.000015
- A bullish breakout from $0.000015 will intensify the buying pressure and signal the resumption of the prior uptrend.
- The intraday trading volume of the Shiba Inu coin is $225.5 Million, indicating a 31.5% loss.
Source- Tradingview
The last four months’ price action of the Shiba Inu coin shows the formation of a cup and handle pattern. This pattern is characterized by a U-shaped recovery which is a cup portion, followed by a minor countertrend move/consolidation forming the handle.
Thus, the aforementioned corrections Shiba Inu coin is a part of this bullish reversal pattern. During this pullback, the coin price retested the $0.0000117-$0.00002 support to check price suitability at higher levels.
Thus, with the recent recovery in the crypto market, the Shiba Inu coin rebounded from the $0.00002 support and surged 9.8% higher to currently trade at the $0.0000132 mark. Furthermore, under the influence of a bullish pattern and sustained buying, the coin price should rise another 12% to rechallenge the neckline resistance of $0.000015.
Also Read: CRYPTO TELEGRAM CHANNELS LIST 2023
Furthermore, a bullish breakout from above mentioned resistance will trigger the bullish pattern and offer buyers a strong floating to lead the further rally. In an ideal conditions, this breakout could lead a bull run to the $0.000022 mark.
Technical indicator
EMAs: The Shiba Inu could show sustainability above the recently reclaimed 200-day EMA and offer additional confirmation for trend reversal.
ADX: the ADX slope continues to move downward indicating the buying pressure is sufficient yet and thus the coin price may prolong consolidation for a few more sessions.
Shiba Inu Coin Price Intraday Levels
- Spot rate: $0.0000132
- Trend: Bullish
- Volatility: Medium
- Resistance levels- $0.000015 and $0.000018
- Support levels: $0.00002 and $0.0000105
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