Shiba Inu Price Analysis: SHIB Army Prepares For An Escape From The Descending Triangle

Published by

Shiba Inu (SHIB) price pushes higher against the descending trendline of the descending triangle. This bearish triangle has kept the Shiba Inu price action on a downward trend since the beginning of December. As the SHIB price battles overhead resistance from the triangle’s descending trendline, expect a price surge if Shiba Inu breaks above it. If this happens, it will bolster the “SHIB Army” to push the price towards the $0.00004919 level before going for the $0.00005694 level.

Shiba Inu Price Could Rally 80%, After Breakout

The SHIB price action appears to have formed a descending triangle on the four-hour chart which appears to have triggered today. The triggering of the triangle points to a price consolidation that might take place in either direction.

The price consolidation is validated by the flattening moving averages and the almost equally four-hour period trading volumes.

Moreover, the horizontal movement of the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicator adds validates Shiba Inu’s price consolidation without any clear direction that the “Dogecoin Killer” could take.

At the time of writing, Shiba Inu price is hovering around $0.00003151 and if it favours the bulls and rises above the downtrend line of the triangle, we could see an explosion of buying volume  with sidelined investors jumping on the bullish signal.

If this happens, SHIB could first rise to re-test the $0.00004919 resistance level. After which, a rise to towards the $0.00005694 level would be the next logical move, an 80% rise from the current price.

SHIB/USD Daily Chart

On the flip side, if Shiba Inu price favours the bears and drops below the triangle’s horizontal trendline at $0.00003094 level, it could trigger massive sell orders that are likely to pull SHIB down to tag the $0.00002807 level. A drop further could see the Shiba Inu price drop towards the $0.000020 psychological level.

Note that the position of the MACD below the zero line in the negative region accentuates this bearish outlook.

In the meantime, investors have to wait to see which direction the meme coin will take as it consolidates within the confines of the triangle.

Nancy Lubale

Nancy is a successful finance, crypto analyst and content writer with many years of writing experience finance and blockchain fields. Nancy has been producing quality content for websites in the cryptocurrency industry including Krptotrends, Forexcrunch, InsideBitcoins and Economywatch. She is a Certified Cryptocurrency Expert (CCE) from Blockchain Council. Her interests are in cryptoasset research and technical analysis, Fintech, Blockchain, DeFi, NFTs and Personal Finance. Follow her on Twitter @NancyOmanga for more insights

Share
Published by

Recent Posts

  • News

When Will Crypto Markets Recover? Former Coinbase Exec Weighs In

Tom Loverro, a long-time crypto investor who formerly served on exchange Coinbase's board, says it…

June 29, 2022
  • News

Terra USTC Price Skyrockets By 75%; Will It Recover More?

Terra’s collapsed tokens TerraClassicUSD (USTC) and Terra Classic (LUNC) which triggered the crypto market crash…

June 29, 2022
  • News

Does Celsius Owe $174 Mln To Voyager Digital?

Nansen CEO Alex Svanevik on Wednesday revealed that Celsius received large amounts of funds from…

June 29, 2022
  • Uncategorized

As Bitcoin Goes Below $20K, Stats Show How Close Is Bottom

Amid much hype of buying the dip at current prices and market reaching its bottom…

June 29, 2022
  • News

Babel Finance Reportedly Loses Top Employees Amid Insolvency Rumors

According to crypto news and research website The Block, beleaguered crypto lender Babel Finance is…

June 29, 2022
  • News

CoinFlex CEO Vs Roger Ver, Who Owes Whom?

CEO of Cryptocurrency exchange CoinFLEX Mark Lamb, stated on Twitter that CoinFlex has issued Bitcoin Cash…

June 29, 2022