Shiba Inu Price Analysis: Is the $0.000007 Support Enough to Hold?

Shiba Inu Price Analysis: While the market leaders Bitcoin and Ethereum show a temporary halt in the recovery phase, the major cryptocurrencies witnessed additional selling pressure and turned sideways. One of them is a popular memecoin Shiba Inu showing sideways over the past two weeks and developing a descending triangle pattern. This pattern could offer a better conviction for potential price behavior in the near future.

Also Read: Shiba Inu News: Shibarium Release Fuels BONE Price 35% Rally, Eyes $3 In Weeks

Shiba Inu Price Daily Chart:

• The $0.000007 stands as strong support for SHIB buyers
• A breakout above the overhead trendline will trigger a significant upswing
• The intraday trading volume of the Shiba Inu coin is $146.2 Million, showing a 16% gain.

Source- Tradingview

Despite a volatile phase in the crypto market, the Shiba Inu price continues to wobble between two chart levels, which are long-coming resistance trendlines and $0.000007 horizontal support. This overhead resistance constantly offering dynamic resistance pressurizes the memecoin to make new lower highs.

In the daily chart, this consolidation is revealed as the formation of a famous bearish pattern called a descending triangle. A breakdown below the pattern’s neckline will accelerate the selling pressure if the prices breach neckline support.

Thus, with a higher possibility to break $0.000007 support, the SHIB price could tumble 8.5% down to hit $0.00000642.

When Can You Buy Shiba Inu?

As no trend remains intact, the Shiba Inu price may eventually break free from the ongoing downfall. However, interested buyers must for the prices to breach the overhead resistance trendline. This breakout will signal a change in trend, projecting an early target at $0.00000838, followed by $0.00000976.

• Moving Average Convergence Divergence: The rising MACD slopes reflect the buyer’s attempt to retake control, but the formation of a lower high indicates these attempts are getting undermined.
• Exponential Moving Average: The 50-day EMA dynamic resistance offers strong resistance to the SHIB price.