Key Support Levels for Shiba Inu Coin to Ensure Bullish Stance
Highlights
- The Shiba Inu Coin will maintain its mid-term recovery until the ascending support trendline is intact.
- A falling wedge pattern governs the long-term downturn SHIB price.
- The 24-hour trading volume on the Shiba Inu is at $113.2 Million with a 13.5% gain.
Amid the broader crypto market recovery, Shiba Inu coin secured strong support at $0.0000085, leading to a notable 9% increase to reach a peak of $0.0000096. Despite this uptick, the overall altcoin market experienced a slowdown in momentum due to lingering doubts about Bitcoin’s ability to maintain its position above the $50k threshold. With this uncertainty, the SHIB price is at risk of 4% drop this week but there’s a catch.
Also Read: “DOGE And SHIB”: Can SHIB Go as high as DOGE?
Will SHIB Price Regain $0.00001 in Feb?
The past four months’ trajectory in Shiba Inu price is still bullish under the influence of an ascending trendline. A look at the daily time frame chart shows this memecoin has rebounded at least thrice from this dynamic support indicating a crucial accumulation point for investors.
The SHIB Price currently trades at $0.00000925 and with an intraday loss of 1.7%, it teases a breakdown below minor support of $0.0000092. This breakdown could plunge the prices by 4.3% to hit the aforementioned support trendline.
If the demand pressure at this support persists, the Shiba Inu coin witnessed a notable reversal to $0.0000105, projecting a potential gain of 14%.
Also Read: SHIB, BONE, & LEASH Prices Jump Amid WoofSwap’s Shibmap Bridging Plan
Is Shiba Inu Coin Ready For Sustainable Growth?
An analysis of the broader time frame shows that the SHIB price is following a steady downtrend under the influence of a falling wedge pattern. This chart setup active for nearly 2 years indicates the asset continues to witness selling pressure on a bullish bounce.
The anticipated rally to $0.0000105 should provide buyers another opportunity to escape the range of wedge patterns. This breakout will give a better signal for trend change in the Shiba Inu coin.
- Exponential Moving Average: The long-term EMAs(100 and 200) accentuate the current market trend is sideways.
- Moving Average Convergence Divergence: A bullish crossover between MACD and the signal line indicates the short-term trend is reflecting a positive outlook.
Related Article: Crypto Headlines of The Week: Bitcoin, Solana, & Shiba Inu Fuels Inferences
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