Range Breakout Tease A 9% Jump In SHIBA Inu Coin; Enter Now?

The Shiba Inu coin has been stuck in a narrow range for the past two weeks. This range movement reflects a rectangle pattern which offers a short consolidation before a strong rally. Therefore, a breakout from beyond this range could trigger a directional rally on the breakout side, providing an entry opportunity for sidelined trend.

Key points:

• The Shiba price is wavering in a no-trading zone stretched from $0.0000096 and $0.0000089
• A breakdown below $0.0000089 will offset the prior recovery with a downfall to $0.00000830
• The intraday trading volume of the Shiba Inu coin is $114.4 Million, showing an 18% gain.

Source- Tradingview

Amidst the last recovery cycle in the crypto market, the Shiba Inu coin bounced back from the $0.0000083 support and surged 16% higher to hit $0.0000096. However, the recovery rally showcased several red candles and long-wick rejections, indicating an indecisive rally.

Moreover, the rising price was backed by low and decreased volume, projecting a lack of bullish commitment and a high possibility of downtrend resumption.

As for now, the memecoin has been resonating between $0.0000096 and $0.0000089 for the past two weeks creating a narrow range. This price range reflects a no-trading zone, and traders could avoid taking new enters inside it. 

The Shiba Inu coin price currently trades at $0.00000919, with an intraday gain of 0.99%. Thus, traders looking for entry opportunities should wait for a daily candle closing beyond the price range.

Concerning the price weakness mentioned above, the SHIB price is more likely to break the $0.00000893 support. This breakdown will signal replenished bearish momentum and may plunge the price to $0.829 support.

Conversely, a breakout above $0.000096 will prolong the recovery rally to the $0.0000105 mark.

Technical indicator

Relative strength index: the daily-RSI indicator, which reflects the speed and magnitude of the coin’s recent price, has reverted from the neutral line and plunged below the 20-SMA slope. The indicator value reentering the bearish territory indicates market sentiment supports a price drop.

EMA: the downsloping EMAs(20, 50, 100, and 200) display an established and where each may act a significant resistance level.

Shiba Inu coin price intraday levels

• Spot price: $0.00000971
• Trend: Bullish
• Volatility: Medium
• Resistance levels- $0.0000096 and $0.0000105
• Support levels: $0.0000080 and $0.0000083