NewsletterShiba Inu Price Analysis Guide For The Coming Week with Entry and Stoploss
Under the influence of a downsloping trendline, the Shiba Inu coin price has managed a steady downfall for nearly two months. However, with the increasing uncertainty in the crypto market, the price trend has shifted sideways and showed the formation of a descending triangle pattern. Here’s how this pattern may encourage further price movement in the Shiba Inu coin.
Key Points:
- A potential breakdown below $0.0000103 could encourage sellers to a 17.5% downfall
- A potential bearish crossover between the 50-and-100-day EMA encourages the Shiba Inu coin for extended downfall.
- The intraday trading volume of the Shiba Inu coin is $301.2 Million, indicating a 3.5% gain.
Source- Tradingview
The 4-hour time frame chart gives a clear look that the SHIB price is actively responding to two technical levels, a long-coming resistance trendline and horizontal support of $0.00001035-$0.0000103.
Thus, the lower low formation due to the resistance trendline and fixed horizontal support (neckline) indicates the formation of a descending triangle pattern. In theory, this pattern is a bearish continuation pattern that promotes a prolonged downfall upon the breakdown of neckline support.
As of now, the Shiba coin price trades at the $0.00001057 mark and is tightly squeezed between the pattern’s key barriers ready to give a breakout trade. With a higher possibility, this memecoin is likely to break the $0.0000103 neckline which will release the trapped bearish momentum and offer a short selling opportunity to traders.
The post-breakdown fall can drive the price 17.5% down to hit $0.0000087 while sellers can maintain a stop loss slightly above the breakdown point which is around $0.0000105-$0.0000106.
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On a contrary note, interested buyers looking for an entry opportunity need to wait for the overhead trendline breakout before entering the market.
Technical indicator
Source- Tradingview
Relative strength index – The daily RSI slope below the midline reflects the market sentiment is in the seller’s favor.
EMAs: the 20-day EMA acts as a dynamic resistance and can assist sellers to maintain a sustained downfall.
Shiba Inu Coin Price Intraday Levels
- Spot rate: $0.00001059
- Trend: Bullish
- Volatility: High
- Resistance levels- $0.000012 and $0.000013
- Support levels: $0.0000103 and $0.00000965
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