SHIB Price Prediction: Bearish Pattern Threatens Shiba Inu Price for 12% Fall; But There’s a Catch
SHIB Price Prediction: The ongoing correction phase in the Shiba Inu price takes a tiny detour after hitting $0.00000981 support. The strong support has turned the falling prices sideways and revealed the formation of a famous bearish continue pattern called an inverted flag. In theory, the pattern prolongs the ongoing downtrend after the prices breach the flag support and offers a short-selling opportunity to interested traders.
Key Points:
- A bearish breakdown from the $0.00000981 support will accelerate selling pressure and tumble the coin price 12% down
- A long-coming support trendline may undermine the ongoing correction phase
- The intraday trading volume of the Shiba Inu coin is $110.4 Million, showing a 13% loss.
Source- Tradingview
As shown in the above chart, the SHIB price is resonating within the flag range spread from $0.0000118 and $0.00000977. As of now, the coin price trades at the $0.00000995 mark and retests the aforementioned support.
Under the influence of this pattern, the coin price is likely to escape this temporary sideways trend once sellers pierce the $0.00000977 local support. This breakdown may intensify the selling pressure and tumble of 12% down to retest an ascending trendline.
Triangle Pattern Likely To Replenish Bullish Momentum In Shiba Inu Price
Source- Tradingview
In the weekly time frame chart, the aforementioned ascending trendline is part of a bigger chart pattern called a symmetrical triangle. This chart pattern has maintained a sideways trend in Shiba Inu price for nearly a year.
Thus, this long-coming chart pattern should have a stronger impact on Shiba Inu’s future trend, and therefore a retest to this support trendline is more likely to trigger a fresh recovery rally like it did in June 2022, and January 2023.
Technical indicator
Moving Average Convergence Divergence: The weekly MACD(blue) and signal(orange) lines give a strong sell signal with its bearish crossover below the midline.
Exponential Moving Average: The 20-day EMA act as a dynamics resistance to assist selling to complete the bearish pattern
Shiba Inu Price Intraday Levels
- Spot price: $0.0000995
- Trend: Bearish
- Volatility: High
- Resistance levels- $0.0000107 and $0.0000117
- Support levels: $0.00001 and $0.00000875
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