NewsletterShiba Inu Price Hints Last Pullback Before a Rally Above $0.00001
Despite the increasing FUD in the crypto market, the Shiba Inu price showed a significant recovery in early August. This recent bullish swing formed a breakout from the resistance trendline of the rising wedge pattern. An upside breakout of this pattern is rare and signals a strong buying signal for traders. Is this setup enough to invest in SHIB?
Also Read: New Whale Scoops 4 Trillion Shiba Inu (SHIB) Ahead Of Shibarium Launch
Shiba Inu Price Daily Chart:
- The SHIB price retraced to potential support for a bounce back to higher levels.
- A bullish crossover between the 20-and-100-day EMA would attract more buyers in the market
- The intraday trading volume of the Shiba Inu coin is $261.2 Million, showing a 38% loss.
Source- Tradingview
On August 5th, the Shiba Inu price offered a high momentum breakout from the resistance trendline of a rising wedge pattern. In theory, this pattern often results in a significant downfall but in a rare case, it breaks the above resistance as a signal for increased buying pressure.
This breakout rally reached a high of $0.0000105 and reverted immediately. In the last two days, the coin price tumbled 11-12% and retested the breached resistance for potential support. By press time, the Shiba Inu price trades at $0.00000895, trying to sustain above the aforementioned trendline.
If the memecoin shows demand pressure from the rising trendline, the buyers may extend the price 18% higher to reach $0.0000105, followed by $0.0000119.
Can SHIB Price Revist $0.0000065?
If the sellers obtained the upper hand in the midst of increased uncertainty, the Shiba Inu price could see a breakdown below the flipped trendline. This breakdown would invalidate the bullish thesis and plunge the coin price to 6.5% to $0.0000085 to test the lower trendline of the wedge pattern.
- Average Directional Index: The daily ADX slope at 32% indicates the buyers’ enough ave strength
- Exponential Moving Average: The daily EMAs(20, 50, and 100) could offer additional support to coin buyers.
- Expert Predicts Further Downside For Bitcoin As Fear and Greed Index Drops To 10
- Solana and XRP ETFs Attract Fresh Inflows Even as Crypto Market Falls
- BLS to Release Jobs Report on Nov. 20 as Uncertainty Over Fed Rate Cut Persists
- JPMorgan calls Bitcoin Price Bottom, Predicts It Will Challenge Gold Next Year
- Zcash to Surpass XRP? Arthur Hayes Makes Bold Claim Amid ZEC’s 45% Rally
- What’s Next for Chainlink Price After 53.87 Million Tokens Accumulated
- What the New Bitcoin Model Predicts About a Possible $200K BTC Price Target?
- Zcash Price Soars 45%: Here’s Why
- Bitcoin Price Pattern Points to a Crash to $62k as Fed Cut Odds Fall to 54%
- Zcash Price Defies Market Crash: Will Shrinking Exchange Netflows Keep ZEC Rallying?
- XRP, DOGE & ADA Price Outlook: How Low Can These Altcoins Drop Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
