Shiba Inu Price out of Long Consolidation Poised for a 10% Downfall – Crypto News – Crypto News
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Shiba Inu Price out of Long Consolidation Poised for a 10% Downfall – Crypto News

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3 years ago

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Published 23 hours ago

SHIB Price Analysis: Amid the current indecisiveness in the crypto market, the Shiba price has been trading sideways for over a week. During this consolidation, the memecoin price resonated between two converging trend lines reflecting the formation of a symmetrical triangle pattern, While the market witnessed a surge in selling pressure, the sellers plunged the SHIBn price below the lower trendline of the chart pattern indicating a longer downfall is likely.

Key Points:

  • A bearish breakdown boosts the selling pressure in the SHIB price.
  • A slight uptick in strength indicator ADX indicates the sellers are likely to regain trend control
  • The intraday trading volume of the Shiba Inu coin is $105.5 Million, showing a 20% gain.

shib price analysisSource- Tradingview

With a 1.7% intraday drop, the Shiba Inu Price shows a significant breakdown below the support trendline of the symmetrical triangle pattern. This breakdown reflects the consolidation phase resulted in the sellers’ favor and offered them a new resistance to the pressure of the market buyers.

The SHIB price currently trades at the $0.000000861 mark trying to sustain below the breached trendline. This post-breakdown may tumble the price by 10% and revisit the December 2022 low of $0.0000078.

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

However, this potential downfall could cause minor roadblocks or support levels at $0.0000085, $0.00000832, and $0.000008.

technical indicators

Directional Movement Index: The DI- slope positioned above the DI+ slope reflects a negative trend and the increasing gap between them reflects increasing negativity.

Bollinger Bands: Along with the support breakdown, the price also challenges the lower band of the BB indicator Indicating the possibility of momentum selling in the market.

Shiba Inu Price Intraday Levels

  • Spot price: $0.0000863
  • Trend: Bearish
  • Volatility: Low
  • 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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