Shiba Inu Price Coiling Up for a Quick Upswing Move of 8%; Buy Today? – Crypto News – Crypto News
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Shiba Inu Price Coiling Up for a Quick Upswing Move of 8%; Buy Today? – Crypto News

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2 years ago

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Published 10 minutes ago

SHIB Price Analysis: While the broader market sentiment fails to determine the current dominant force between buyers and sellers, the Shiba Inu price suffers from uncertainty and continues its sideways trend. However, as mentioned in our previous postthe coin price is confined within two converging trend lines and shows the formation of a symmetrical triangle pattern, Here’s how interested traders may use this setup to grab an entry opportunity.

Key Points:

  • In theory, the symmetrical triangle is a continuation pattern favoring price extension of the prior trend which is Shiba inu case is bearish
  • The final decision-making on this triangle pattern depends on which side the prices give their breakout.
  • The intraday trading volume of the Shiba Inu coin is $81.7 Million, showing a 19% loss.

TradingView ChartsSource- Tradingview

For nearly a fortnight, the Shiba Inu Price has been wobbling within the triangle pattern accentuating the indecisiveness in the market. The coin price bounced off several times from the pattern’s converging trendline, indicating the traders strictly respond to this setup.

By press time, the SHIB price trades at $0.00000872 with an intraday gain of 0.23%. Furthermore, the prices have nearly reached the peak of the triangle, suggesting the breakout point is near.

Also Read: Top 10 New Meme Coins With The Best Potential In 2023

A bearish breakdown from this trendline will resume the prior downfall and plunge the prices by 8% to reach the psychological support of $0.000008.

On a contrary note, a breakout above the overhead trendline with a 4-hour candle closing will recuperate the bullish momentum and hint at a trend reversal. The potential rally could surge the price by 8-10% to hit the $0.00000966 mark.

technical indicators

Relative Strength Index: Despite a sideways price action, the 4-hour chart rsi slope rising reflects the underlying buying pressure in the market rising indicating a higher possibility of a triangle upside breakout.

Bollinger Bands: The BB indicator The range is also squeezed significantly and thus a breakout trade will offer high momentum trading for market participants.

Shiba Inu Price Intraday Levels

  • Spot price: $0.0000870
  • Trend: Sideways
  • Volatility: High
  • Resistance levels- $0.00000915 and $0.00000978
  • Support levels: $0.0000085 and $0.000008

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian(at)coingape.com

The content presented 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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