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Shiba Inu Price Prediction: With the increasing uncertainty in the crypto market, the Shiba Inu price recovery faced a sharp reversal from the $0.0000106 mark. This reversal occurred at the resistance trendline of the long-coming resistance trendline, creating a better position for the correction phase. Should you sell this anticipated downfall or keep holding?
Also Read: Shiba Inu Burn Rate Soars 83000% As Whale Shifts 4 Tln SHIB
Triangle Pattern Signals Minor Correction
- A sideways trend under the influence of a symmetrical triangle pattern indicates an accumulation phase.
- The anticipated drop in SHIB price can find demand pressure at $0.0000096, followed by $0.00000764
- The intraday trading volume of Shiba Inu is at $382 Million with a 12.6% loss.
The last 8 months’ price behavior in the Shiba Inu coin portrays a sideways action as the huge price swing witnessed did not contribute in either direction. However, if we connect the price peaks with the trendline, the daily chart shows the formation of a symmetrical triangle pattern.
Under the influence of this triangle, this Shiba Inu price is likely to squeeze in a narrow range building enough momentum for the next leap. With today’s sell-off in the crypto market, the SHIB price reverted from the pattern’s upper trendline, projecting a possibility of another bear cycle.
By the press time, the SHIB price trades at $0.00000973, with an intraday loss of 6%. If the coin price breaks below the immediate support of $0.00000964, the sellers would gain sufficient momentum to prolong the downward trend.
The post-breakdown fall could plunge the price 22% down to hit a lower trendline near $0.0000076.
Is SHIB Price Ready For a Bull Run?
While the short-term outlook for SHIB price could be bearish, the triangle pattern would influence a sideways trend for the coming weeks or months. However, the coin holders looking for a direction move must wait for a breakout from the triangle boundaries. A potential breakout from upper resistance will surge the prices to $0.00000119, followed by $0.00000158
- Moving Average Convergence Divergence: A bullish crossover state between the MACD(blue) and signal(orange) indicates the recovery trend is intact.
- Exponential Moving Average: The 20-day EMA slope is offering support to the current downswing in SHIB price.
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