A descending trendline breakout reinforces the SHIB price attempts to rebound from the bottom support trendline. However, the shared resistance of $0.000025, 50-and-200-day EMA prevents the coin price from rising higher. The buyers need to gather enough bullish momentum during the ongoing retest if they want to overcome the overhead barrier.
- The SHIB price displays morning star candle for trendline retest
- The expected bull cycle would surge SHIB price by 17%
- The intraday trading volume in the Shiba Inu coin is $885.9 Million, indicating a 4% gain.
The recent bear cycle within the symmetrical triangle pattern plunged the Shiba Inu(SHIB) price to the $0.0000213 mark, registering a 40% loss. Furthermore, a steeper descending trendline carried the downfall, undermining a buyer’s attempt to rally higher.
On March 13th, the altcoin bounced back from the support trendline and poked the steeper resistance trendline on March 19th. This bullish breakout triggered a new bull cycle which would drive the altcoin to the overhead trendline($0.0000275).
Moreover, the altcoin currently resting the breached trendline shows the formation of the morning star candle. Sustaining this breakout hints, the prior resistance had flipped to support, and the road to overhead trendline displays a quick gain of 15.4%.
Contrary to the bullish thesis, fallout from the support trendline will resume the downtrend rally and plummet the altcoin to a $0.00002 psychological level.
The 50-and-200 EMA moving near the $0.000022 resistance strengthens the sellers’ defense at this mark. However, the price action set up the new relief rally could prevent the potential death crossover among these EMAs.
The Relative Strength Index slope rallying higher bolsters the possibility of bullish reversal from $0.00022 support.
- Resistance levels- $0.000025, and $0.0000287
- Support levels are $0.000022 and $0.00002.
- Whales Eye Litecoin Ahead Of Major Update, Here’s Why
- Just-In: Robinhood Now Supports Web3 Wallets And NFTs
- U.S. Is Winning Bitcoin Mining Race But China Still Not Out Of Picture: Report
- Stablecoin Meltdown: This Token Loses $7 Billion Within A Week
- Just-In: Polygon (MATIC) Releases Nightfall Mainnet Beta; Here’s Why It’s A Big Deal
- Ripple (XRP) Price Jumps Over 4%, Here’s Why
- Coinbase Cuts Down Hiring After Q1 Losses Hit $420 Million
- Shiba Inu (SHIB) Price Soars 6% In A Day, Here’s Why
- KuCoin Lists $UST Crisis Born Stablecoin $USDD; Details
- WOO Network Halts Terra’s LUNA Trading Just Hours After Relisting It
- Ripple Price Analysis: XRP Price Remains Pressured Below $0.45
- EGLD Price Analysis: Decreasing Volume Hints EGLD to Reverse from $75
- Cardano Price Analysis: ADA Price Prepares For 22% Jump; Are You Holding?
- Bitcoin Price Analysis: BTC Price Holds Above $30,000; Opportunity To Buy?
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
- LUNA Price Analysis: Opportunity to Buy Cheap or A Bull Trap?