NewsletterWhat’s Next For Shiba Inu Price After Reclaiming $0.00001 Mark?
August 8th, the Shiba Inu price showed a bullish engulfing candle on the flipped support trendline of a rising wedge pattern. The bullish candle with strong volume indicates the buyers have managed to sustain the new support, leading to a rally above $0.00001. Should you accumulate this memecoin or is it too late?
Also Read: Shiba Inu Price Shoots With Strong SHIB Burning, Binance Increases OTC Limits
Shiba Inu Price Daily Chart:
- Overhead supply at $0.0000105 resistance at a hint the SHIB price could witness a minor consolidation before the next leap.
- A bullish breakout from the $0.0000105 resistance could bolster SHIB price for a 12.8% rise
- The intraday trading volume of the Shiba Inu coin is $308.2 Million, showing a 4.5% loss.
Source- Tradingview
The Shiba Inu coin witnessed a significant inflow this week, leading to four days of consecutive recovery. This bullish jump recorded a 15.2% rally and reached the current price of $0.0000102.
However, the rising price has taken a halt at the last swing high of $0.0000105. A high wick attached to the daily candle reflects the overhead supply pressure is intact. After a significant price rally, a short consolidation is expected to absorb the build-up selling pressure.
Thus, the SHIB price could resonate below $0.0000105 before breaking this level for a leap higher. With sustained buying, the buyers should surge the prices 12.8% higher to hit $0.00001188.
Can SHIB Price Trigger a Correction Back to $0.0000088?
If the overhead supply rises, a breakdown below a minor support of $0.0000097 would reflect weakness in bullish momentum. This reversal may also develop in a bearish reversal pattern called double top. Under the influence of this pattern, the coin price could tumble to $0.0000088.
- Exponential Moving Average: The Shiba Inu price above 200-day EMA indicates the market sentiment is bullish.
- Average Directional Index: The daily ADX slope at 39% reflects that the buyers may soon run out of steam and therefore a pullback or consolidation is needed to replenish bullish momentum.
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