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SHIB Price Analysis: $0.00001 Breakout Could Pump SHIB by 33%

shiba inu SHIB

Published June 22, 2022

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The SHIB price hovering above the $0.00000756 mark for a whole week validates it as legitimate support. However, on June 21st, the altcoin witnessed a significant inflow and breach of a confluence of technical resistance. Can the expected rally reach the $0.00002 mark?

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 Key points: 

  • The SHIB buyers reclaimed the fast-moving 20-day EMA
  • A long-wick rejection attached to breakout candle tease high supply pressure
  • The intraday trading volume in the Shiba Inu coin is $1.76 Billion, indicating a 444.5% gain.

SHIB/USDT ChartSource- Tradingview

On June 11th, the descending triangle pattern breakdown from the $0.00001 neckline depreciated the SHIB/USDT pair by 26% and slumped to a low of $0.000007179. However, the buyers mounted a support $0.00000756 mark, and the multiple retests to it indicated a high-demand zone.

Moreover, with the improving market sentiment as Bitcoin holds onto its $20000 support and the recent Amazon burn event, which incarnated 70 Million SHIB, the memecoin jumped 31.8% on June 21st.

The sudden pump breached a combined resistance of $0.00001, descending trendline and 20-day EMA, offering a recovery opportunity for coin holders. However, long-wick rejection attached to the daily candle suggests the sellers are defending the higher level.

Today, the coin is down 7.3% and provides a retest to this mentioned resistance.

If SHIB price sustains above the breached resistance, the buyer may drive a bull rally to $0.00002.

Alternatively, a candle closing below this 20-day EMA or descending trendline would pull the coin price back to $0.756 support.

Technical indicator

An evident bullish divergence in the MACD indicator indicates growth in underlying bullishness. Following a positive crossover, the MACD and signal line are nearing a bullish breakout from the midline. 

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Since late April, the SHIB price has traded below the mid and neutral line of Bollinger band indicators. However, the recent price jump pushed the altcoin above the neutral line, accentuating an improvement in traders’ sentiment.

  • Resistance levels- $0.00001, and $0.000014
  • Support levels are $0.00000756 and $0.00000570

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From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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