The Shiba Inu(SHIB) price pivoted from the resistance trendline of the triangle pattern on April 14th. The resulting downfall has slumped the altcoin by 12.2% and pulled it below the 200-day EMA. The increasing volume activity indicates the price is likely to continue the downtrend to the bottom support trendline before initiating the next bull cycle.
- The SHIB price action is squeezing between the converging trendline
- The flattish 200-day EMA accentuates range-bound rally in SHIB price
- The intraday trading volume in the Shiba Inu coin is $594.5 Million, indicating a 75.8% gain.
Under the influence of market uncertainty, the Shiba Inu(SHIB) price is coiling up inside a symmetrical triangle pattern. As days pass, the price range gets narrower between the two converging trendlines.
However, the symmetrical triangle pattern possesses the possibility to break either side of the trendline. Furthermore, the technical formation suggests the breakout would bolster a 52% directional move, calculated by adding the first swing high and swing low from the breakout point.
Amid the recent sell-off, the SHIB price reverted from the descending trendline($0.277) and tumbled by 12.2% to its current level at $0.0000242. The coin price would continue to lower, approaching the bottom support trendline.
Furthermore, the price action has narrowed to a point where it should be considered a no-trading zone. Therefore, crypto traders should wait for a genuine breakout before entering the market.
The Bollinger band range getting shorter suggests the SHIB price is nearing a triangle breakout. In addition, the upper and lower bands aligned with the converging trendlines provide additional confirmation for traders.
The OBV indicator trendline with new higher highs and lows indicates a better possibility for a bullish breakout from the triangle pattern.
- Resistance levels- $0.0000277, and $0.000033
- Support levels are $0.0000215 and $0.0000172
- Do Kwon’s Terra 2.0 Plan Rejected By S.Korean Crypto Exchanges
- Just-In: Avalanche Asks ApeCoin To Ditch Ethereum For Otherside Launch
- Tron (TRX) Overtakes Shiba Inu In Value On This Key Reason
- Voting On New Terra Chain To End Soon, Where Does The Tally Stand?
- Ethereum Gas Fee Drops To the Lowest Since July 2021, ETH In Accumulation Phase
- Popular Crypto Wallet MetaMask to Integrate Coinbase Pay As Part of Web 3 Push
- Why Billionaire Ray Dalio Is Still Betting Big On Bitcoin (BTC)?
- CZ Fuels Rumors Of Binance’s Trading Service Launch In Dubai
- Just-In: European Central Bank Says Crypto Unsuitable As Store Of Value
- Shiba Inu The Most-Held Token By ETH Whales, Is Metaverse Hype Back?
- TRON Price Analysis: High Volume Breakout may Lead TRX to $0.9 Mark
- Tezos Price Analysis: Dynamic Trendline May Carry XTZ Price to $2.4
- AAVE Price Analysis: AAVE Chart Hints Coin Holders May Lose $100 Mark
- What Next For The Fast Recovering FTM Price?
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?