Published June 22, 2022
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?
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.
We have now been able to burn 2,257,736,799 SHIB since November, for a total amount of $55,000 USD.
Most of that burning was done with the price of SHIB 50% higher than it is today!
— SHIB Super Store (@shib_superstore) June 20, 2022
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.
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.
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.
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