SHIB Price Analysis: Reversal Pattern may Extend Recovery Rally by 16%
Amid the ongoing consolidation in the crypto market, the SHIB price reflected its range rally with the formation of an inverted head and shoulder pattern. Today, the coin price witnessed a strong inflow which breached the neckline resistance trendline. Sustainability above this level, the coin buyers would obtain an additional footing to drive the recovery rally high.
Key points:
- The SHIB market value has appreciated 20% since last week
- The daily shows high wick rejection near the $0.1187
- The intraday trading volume of the Shiba Inu coin is 713 Million, indicating a 41% gain.
Source- Tradingview
The SHIB/USDT price chart projected a downtrend under the influence of a bearish trendline accounting for a drop from $0.0000119 to $0.00000756 in June. During the bear market, the prices plunged under the crucial 50 and 20-day EMAs, while they had a negative alignment.
However, the buyers planned a scheme to reverse the price trend with an inverted head and shoulder pattern, with the trendline acting as the neckline. The pattern forms with the help of $0.00000756 and $0.00000984 support levels providing crucial reversal spots.
Today the SHIB prices jumped by 8.57% to beat the resistance trendline resulting in the bullish breakout of the prices pattern. Hence, if the daily candle manages to close above the $0.0000118 mark, investors can expect the rally first to hit $0.00001375.
However, a retest to this broken trendline can result in a dip to the $0.0000118 mark.
Conversely, if sellers pull the altcoin below the neckline, the ongoing consolidation would continue for a few more sessions.
Technical indicator
Vortex indicator: a wide gap between the VI+ and VI- slopes following a bullish crossover, accentuating growth in bullish momentum. This bullish alignment should encourage buyers to sustain the ongoing recovery.
RSI indicator: The daily-RSI slope jumps above the 20-SMA slope and rises higher in bullish territory, indicating the positive sentiment is returning to SHIB price.
- Resistance levels- $0.0000118, and $0.0000137
- Support levels : $0.00000984 and $0.00000756
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