This Range Breakout May Bring Directional Rally In Shiba Inu Coin; Buy Now?
The short-term trend in Shiba Inu coin is sideways, where its price continues to wobble between $0.00000966 and $0.00000820 levels. On December 17th, the memecoin rebounded from the $0.0082 support, triggering a new bull cycle within this range movement. However, the price is struggling to breach the in-between resistance of $0.875, suggesting the ongoing consolidation will prolong for a few more sessions.
Key points:
- A daily candle closing above $0.00000875 may drive the coin price 13.6% higher to rechallenge $0.00000966 barrier
- The Shibu price will need a range breakout to trigger a directional rally
- The intraday trading volume of the Shiba Inu coin is $115.2 Million, indicating a 36% loss.
Why is the Shiba Inu coin price rising?
Despite a sluggish price action in market leaders Bitcoin and Ethereum, the Shiba Inu coin price has risen for three consecutive days. It’s possible that this steady growth is related to excitement regarding a special countdown mentioned on Shiba Inu’s official Twitter account,
Moreover, this countdown is expected to be the initial step of Shibarium’s Beta launch. This much-awaited layer two blockchain solution getting into action will have a significant impact on the Shiba Inu coin’s market value.
🦮 A special https://t.co/pl0HAXgkAE countdown has begun. Please allow DNS to propagate correctly, in case the website is loading blank for some users, try reloading again in a few minutes.
— Shib (@Shibtoken) December 18, 2022
Moreover, binance, the world’s largest crypto exchange by volume, recently posted a tweet with the most-watched cryptocurrencies of 2022. Thus, the Shiba coin made it to the list, encouraging a bullish rally.
Price Analysis
Source- Tradingview
A bullish recovery from the $0.0000082 support drove the prices 5.5% higher in the last three days. However, the coin price currently trades at $0.0000085 and shows a power struggle to surpass an in-between resistance of $0.00000875.
Moreover, the higher price rejection shown in the daily candle indicates a strong possibility for SHIB to revisit the $0.0000082 mark.
However, for coin holders to escape the current consolidation, the prices must breach either of the range barriers.
Thus, the $0.0000082 breakdown will hint at the resumption of a prior downtrend and slump the Shiba Inu coin 8.5% down to hit $0.0000075.
Conversely, a daily candle closing above $0.00000966 will bring a sense of recovery and surge the price to $0.0000105.
Technical indicator
Relative strength index: the daily-RSI slope continues to wobble below the midline, indicating the market sentiment remains negative.
EMAs: the 20-day EMA located near the $0.0000966 increase the resistance power of this barrier.
- Resistance levels- $0.00000877 and $0.00000966
- Support levels: $0.00000820 and $0.00000755
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