NewsletterMultiple Resistances Restrict Shiba Inu Price Rally to $0.00008; What’s Next?
In the daily timeframe chart, the Shiba Inu (SHIB) price shows a significant upswing that started from $0.00000642. This rise in buying pressure has likely triggered buyers’ interest in accumulating this Dog-themed memecoin at a discounted price. The potential for further upside is around 6% before encountering a significant resistance formed by a downsloping trendline. However, the question remains whether this rally is sustainable or if bears might regain control after selling at a higher price.
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Shiba Inu Price Daily Chart:
- A bullish breakout from the $0.0000072 resistance sets the memecoin’s price up for a quick 6% rise.
- The SHIB price exhibits a temporary relief rally before the downtrend potentially resumes.
- The intraday trading volume of Shiba Inu coin is $120.5 million, indicating a 68% loss.
(Source: Tradingview)
Over the course of four consecutive days, the SHIB price recorded a 13% growth, reaching the current trading price of $0.00000742. With a sustained rally, prices are likely to rise by 6% before encountering combined resistance at $0.00000783 and the downsloping trendline.
This resistance trendline has been hindering bullish growth in the Shiba Inu coin for the past four months. Therefore, a potential retest could replenish selling momentum and reinforce the continuation of the prevailing downtrend.
For SHIB buyers to maintain trend control, the coin price must breach the overhead trendline with a daily candle closing above it.
Will Shiba Inu Kickstart a New Recovery Cycle?
Following the recent price jump, the SHIB price surpassed the minor resistance at $0.0000072, providing buyers with a solid foundation to ascend in the price chart. However, buyers are currently struggling at the 20-day exponential moving average (EMA) slope, which has acted as a barrier preventing progress for over two months. Thus, the daily chart highlights several resistances that could impede sustained growth in Shiba Inu prices.
- Average Directional Index: The high value of the average directional index (ADX) slope reflects instability in the current downtrend, indicating the need for relief before the further downfall.
- Exponential Moving Average: The 20-day and 50-day EMA slopes serve as dynamic resistance against rising prices.
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