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Shiba Inu Price Analysis Hints 35% Upside as Buyers Break 50-Day Consolidation – Crypto News
Shiba Inu Price Analysis: Shiba Inu, one of the top names in the meme coins sector, stands at a bullish crossroads. The meme coins are siphoning additional momentum with the Bitcoin price crossing the $67,000 threshold. The Shiba Inu token jump shows a potential trend reversal arriving with Bitcoin starting its post-halving rally. Will this $14.4 billion meme coin cross the $0.000024 mark with a fresh buying spree?
Also Read: Shiba Inu Takes Center Stage With Dedicated Payment Page On Binance Pay
SHIB Eyes $0.00003285 with Pattern Breakout and Increased Demand
The downtrending SHIB price action shows the high possibility of a trend reversal as the broader market recovery gains momentum. With the recent jump of 13% over the past 6 days, the meme coin signals an end-of-correction phase with a pattern breakout.
As the recent surge overcomes the overhead resistance trendline, Shiba Inu shows a symmetrical triangle breakout. Furthermore, the meme coin shows a double bottom reversal with a neckline at $0.0000262.
As the underlying demand increases, the multiple pattern breakout signals a potential bull run. This is because the trapped momentum within the pattern can now pump the SHIB price in the coming days.
Currently, the SHIB price trades at $0.0000245 with an intraday loss of 2.1% following the 1.83% surge last night.
The triangle breakout rally shows potential to reach the $0.000028 mark by the end of this month. Optimistically, an uptrend continuation could reach the $0.00003285 mark, if the momentum sustains.
On the flip side, a correction in the broader market might dump the meme coin under the $0.00002 mark.
Technical Indicator:
- Exponential Moving Average: The bullish crossover in the 20 and 50 day EMAs will put the crucial average lines in a positive alignment.
- Directional Movement Index: An uptick in the DMI line reflects a rise in the trend momentum with the triangle breakout. Further, the VI lines are in a positive alignment projecting a bullish phase in motion.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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