Time to Reclaim $0.00001? Shiba Inu Price Edging Closure to a Massive Breakout

While the top two cryptocurrencies, Bitcoin and Ethereum, continue to struggle in the correction phase, the Shiba Inu price holds to its recovery setup. At the time of writing, the Dog-theme memecoin is trading at $0.000008, marking a substantial 50% surge over the past seven weeks. In addition, the ascending triangle pattern which carries the current recovery cycle is still intact, indicating the buyers could reclaim even higher chart levels. Time to buy?

Also Read: Floki Inu, Shiba Inu, Tradecurve Show Signs Of Bullish Momentum: Time To Fill Your Pockets?

Shiba Inu Price Daily Chart:

• The daily chart demonstrates the significant influence of the triangle pattern as the coin price bounced back three times from both the $0.00000845 resistance level and the lower support trendline.
• A breakout above the $0.00000845 neckline will set the SHIB price for a 24% upswing.
• The intraday trading volume of the Shiba Inu coin is $89.2 Million, showing a 6.53% gain.

Source- Tradingview

The daily time frame chart shows the Shiba Inu price is strictly responding to the formation of an ascending triangle pattern. On July 28, the coin price rebounded from the pattern’s support trendline with an 8.5% intraday gain but faced immediate resistance at $0.00000845. 

The narrow space available between the triangle pattern indicates the SHIB price is close to a breakout opportunity. Under the influence of this bullish continuation pattern, crypto buyers are more likely to break the overhead neckline resistance.

A decisive breakout backed by sufficient volume will offer buyers a solid launchpad to rise higher. The post-breakout rally surged this memecoin 24% higher and reached the $0.0000105 ceiling.

Can SHIB Price Fall Back to $0.000007 Support?

Should the broader market sentiment persist in exerting downward pressure on the Shiba Inu price, the coin holders could witness a sideways above $0.0000084 or a breakdown below the support trendline. Such a downturn would counter the previously suggested bullish perspective and lead to a substantial drop. With sustained sell-off, the memecoin price could fall to prior support of $0.0000076 followed by $0.000007, or $0.0000064. 

• Relatives Strength Index: The daily RSI slope surged above the 60% mark indicating the bullish momentum is aggressive.
• Exponential Moving Average: A potential bullish crossover between the 20-and-50-day EMAs would attract more buyers in the crypto market.