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The long-lower price rejection candle at $0.00001 support indicates a possible price reversal. However, a descending trendline of falling channel patterns has limited the bullish growth for the past two months. Thus a potential reversal may struggle to surpass the overhead trendline and resume the ongoing downfall. However, what if the Shiba Inu price breaks this resistance?
Key points:
- A bullish reversal from the $0.00001 support could push the prices 8% higher.
- Until the Shiba Inu price wobbles inside the parallel channel pattern, coin holders will continue to witness a downward spiral.
- The intraday trading volume of the Shiba Inu coin is $268.5 Million, indicating a 168% gain.
Source- Tradingview
A steady downfall in Shiba Inu price for the past two months revealed a falling parallel channel pattern. However, the prices have retested the pattern barrier multiple times, indicating the traders are respecting its levels.
Though this pattern leads to a downward trend, the technical setup triggers a strong direction rally once the prices breach the resistance trendline. Amid the recent sell-off in the crypto market, altcoin turned down from the resistance trendline at the $0.000017 mark and tumbled 15.3% down to hit the $0.00001 psychological support.
Earlier today, the Shiba Inu price was 4% down to breach the aforementioned support. However, The buyers defending this level aggressively have reverted the price higher with a long-lower price rejection candle.
Also read: Shiba Inu Back As Top Choice Among Ethereum whales; But Here’s The Catch
A bullish reversal will bolster buyers to rechallenge the overhead resistance. Thus, a potential breakout from this resistance will surge the prices 38% higher to hit the $0.000014 resistance.
On a contrary note, a reversal from the resistance trendline or $0.00001 support will prolong price correction and gradually pull the prices to the June bottom support of $0.0000074.
Technical indicator
EMAs: The downsloping EMAs(20, 50, 100, and 200) highlight an active downtrend. Moreover, these resistances will offer significant resistance to rising prices.
Relative Strength indicator: the daily-RSI slope dives deeper into the bearish territory indicating aggressive selling from trades.
Shiba Inu Coin Price Intraday Levels
- Spot rate: $0.00001024
- Trend: Down
- Volatility: Medium
- Resistance levels- $0.00001225 and $0.000014
- Support levels: $0.00001 and $0.000009
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