Since the correction phase initiated in October end of 2021, the SHIB price has only experienced a steady downtrend. The token price has tumbled by 75% from the All-Time High of $0.00008455, and current hints further sell-off respecting a falling channel pattern. However, the Shibarmy should be excited as Shiba Inu is prepared to launch its Metaverse-‘Shiberse’ in 2022.
Key technical points:
- The SHIB buyers lost the 200- MA support
- The intraday trading volume in the SHIB is $554.6 Billion, indicating a 17.9% fall.
Read More: Crypto Becomes Legal In India, Here’s All You Need to Know
Source- Tradingview
As mentioned in our previous Shiba Inu price analysis, the SHIB buyers lost a crucial shared support level of 0.786 Fibonacci retracement level and 200-day MA on January 21st. With this breakdown, the token price was expected to plunge to the $0.000014 support after retesting the flipped resistance($0.000023) for sufficient supply.
- However, the descending trendline providing strong support to the SHIB price holds the coin just below the $0.000023 mark. This week the token chart shows several Doji candles, indicating uncertainty among the market participants.
- This recent free fall has engulfed the 200-day MA, indicating a bearish trend. Moreover, the 20 and 200-day is on the verge of giving a bearish crossover.
- The daily Stochastic RSI providing a bullish crossover among the K and D line struggles to rise higher, suggesting a lack of bullish momentum from bulls.
SHIB Price Forms An Inverted Pennant Pattern
Source-Tradingview
Trending Stories
SHIB will remain in a bearish trend until the token price is under the influence of the falling parallel channel pattern. Furthermore, the token chart shows the price is resonating in an inverted pennant pattern whose breakout could free the token price from current consolidation.
If the sellers manage to sustain the price action below the dynamic resistance, the token would sink to the $0.000014 mark(-35%)
On a contrary note, the falling channel pattern hides an excellent bullish opportunity for crypto traders if the token give an upside breakout from the resistance trendline.
- Resistance- $0.000015, $0.0000150
- Support- $0.000015, $0.0000150
- Hard Fork Vs Genesis Chain: Terra Team Clears Air Around Debate
- Prominent Investment Officer Predicts More Downside For Bitcoin Price, Here’s Why
- Investors Move $141 Million Out Of Crypto: CoinShares Report
- Just In: S. Korea Police Seek To Guard LUNA Assets
- Incoming Shiba Inu Rally? Over 22 Billion SHIB Tokens Burned Across 497 Transactions
- French Luxury Brand Balenciaga To Accept Crypto Payments In U.S.
- PayPal May Soon Accept All Forms Of Crypto Reveals Vice-President
- Crypto Analyst Predicts What Will Kickstart Next Bitcoin Bull Run
- Just-In: South Korea May Sue Crypto Exchanges Over Terra Crash
- Breaking: S. Korean Exchanges Redflag Litecoin Mimblewimble Update; May Delist LTC
- 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?
- Theta Price Prediction 2022 : Analysts Insights into the crucial Reversal levels
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
