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With the recent recovery sentiment in the Crypto market, the Shiba Inu coin price managed to rebound from the local support of $0.0000079. As a result, the coin price rode a parabolic recovery and surged 30% in just two weeks. Thus, concerning the U-shape recovery, the daily time frame chart shows the formation of a rounding bottom pattern. Here’s how this bullish pattern may influence the future Shibu Inu coin’s future.
Key points:
- A bullish breakout from $0.0000097 resistance may surge Shib price by 14.3%
- The bullish crossover between the 20-and-50-day EMA increases the possibility of prolonged recovery.
- The intraday trading volume of the Shiba Inu coin is $3078Million, indicating a 53% loss.
Source- Tradingview
In theory, the rounding bottom pattern displays a complete trend reversal as the price action goes through a downfall, an accumulation phase, and a recovery rally. Moreover, this ongoing recovery in the Shiba Inu coin price has recently breached a monthly resistance of $0.00000977. This decisive breakout baked by a sufficient volume rise indicates the buyer’s commitment to chasing higher levels.
However, a daily candle of 14th January showcases a long rejection indicating the short-term traders are booking profits. Thus, if the selling pressure persists, the Shiba in price can go sideways above the $0.0000097 level.
Also Read: Explained: What is Physical NFT? and How to Sell Physical Items as NFT
Furthermore, the lower price rejection in the last two days’ candles indicates the buyers are defending their newly obtained support. This ongoing retest phase offers a great entry opportunity for investors believing the Shib price could prolong its recovery..
Thus, under the influence of a bullish pattern and a $0.00000977 breakout, the SHIB price may witness a sustained rally of 38% to reach the $0.000014 barrier.
Technical indicator
Bollinger band: the rising SHIB price constantly hitting the upper band of the Bollinger band indicator suggests the traders have overextended the buying activity in the short term. Thus, the SHIB price needs a consolidation or pullback phase to stabilize the excessive buying.
RSI: the RSI slope high into the bullish territory indicates the market sentiment is favoring bulls.
Shiba Inu Coin Price Intraday Levels
- Spot price: $0.0000102
- Trend: Bearish
- Volatility: Medium
- Resistance level- $0.0000117 and $0.000014
- Support level- $0.0000097 and $0.0000079
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