SHIB Price Analysis: Amid Market Uncertainty Shiba Inu Price Prepares for a Bullish Upswing of 12%

SHIB Price Analysis: The ongoing downfall in Shiba Inu price turned sideways after hitting a low of $0.00000833 on May 8th. With the increasing indecisiveness among traders, the memecoin continues to consolidate in a narrow range confined within two converging trendlines. In the 4-hour time frame chart this range showcases the formation of the symmetrical triangle pattern.

 Key Points: 

• A potential breakout from the triangle will decide the near future move SHIB price
• The coin price moving below the daily EMAs(20, 50, 100, and 200) reflects the over sentiment negative
• The intraday trading volume of the Shiba Inu coin is $180.45 Million, showing a 45% gain.

Source- Tradingview

Since last week, the Shiba Inu price has been resonating between the two converging trendlines reflecting the uncertainty in the crypto market. The price has rebounded from these trendlines several times during the period indicating the trades are strictly responding to this chart setup.

As the prices squeezed narrow within the triangle it is poised for a breakout on either side.

Also Read: Best Cryptos Private Sale For 2023

Thus, a breakout from the overhead trendline will replenish the bullish momentum and may soar the SHIB price 12% higher to hit the $0.00000978 barrier.

On a contrary note, a breakdown below the lower trendline will prolong the prevailing downfall and plunge it to the $0.000008 mark. 

Technical indicator

Relative Strength Index: While the price action goes sideways, the 4-hour chart RSI slope surge high indicates the underlying growth in bullish momentum, reflecting a high possibility of an upside breakout.

Bollinger Band: Along with the potential, the price will also challenge the respective band of the BB indicator offering a momentum trading opportunity. 

Shiba Inu Price Intraday Levels

• Spot price: $0.0000879
• Trend: Bearish
• Volatility: Low
• Resistance levels- $0.00000915 and $0.00000978
• Support levels: $0.00000833 and $0.000008