Shiba Inu Price Recovery Halts at $0.0000077 Resistance; Bullish Breakout or Reversal? – Crypto News – Crypto News
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Shiba Inu Price Recovery Halts at $0.0000077 Resistance; Bullish Breakout or Reversal? – Crypto News

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3 years ago

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Published 25 minutes ago

Last weekend’s recovery in the Shiba Inu Price faced supply pressure at a downsloping resistance trendline. Today, with an insignificant gain of 0.1%, the coin price shows a doji-type neutral candle indicating indecision nature among traders. If no improvement is initiated in market sentiment, the dynamic resistance may pressurize the Dog-themed memecoin to lower prices. Should you enter this dip?

Also Read: Shiba Inu News: Shibarium To Burn Trillions Of $SHIB Tokens

Shiba Inu Price Daily Chart:

  • Overhead supply pressure restricts the SHIB buyers’ rise above the $0.00008 mark.
  • The Shiba Inu price may continue a downward trend until the resistance trendline is intact
  • The intraday trading volume of the Shiba Inu coin is $116.2 Million, showing a 30% gain.

Shiba Inu PriceSource- Tradingview

The Shiba Inu price is currently trading at the $0.00000768 mark and reflects a cautious recovery attempt on the daily chart. The formation of neutral candles in recent days indicates a lack of strong commitment from either buyers or sellers. The indecisive nature of these candles suggests a market struggle to establish a clear trend direction, creating uncertainty for SHIB’s near-term price movement.

The primary challenge for the Shiba Inu lies in its ability to overcome the long-standing resistance trendline. If selling pressure strengthens at the trendline, it could trigger a bearish reversal.

In such a scenario, SHIB’s price may flip the $0.00007 support and plunge to the June bottom support level of $0.00000642. A bearish reversal would confirm the dominance of the resistance trendline and the continuation of the downtrend.

Will Shiba Inu’s Price Rally to $0.00008?

A new higher low formation in SHIB price reflects a spark of new recovery sentiment among traders. Considering the bullish momentum rise with the broader market sentiment, a breakout above the resistance trendline would indicate a potential change in the prevailing trend for Shiba Inu. Such a breakout would suggest that buyers are taking control, potentially leading to an upward price movement to $0.000084, followed by $0.000098.

  • Exponential Moving Average: A breakdown below 20-Day EMA slope will offer sellers an extra edge to plunge the SHIB price lower.
  • Average Directional Index: The falling ADX slope reflects the bearish trend momentum is gradually diminishing.

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 conditions. 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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