Published 3 hours ago
The last three price action of the Shiba Inu coin shows a textbook example of a cup and handle pattern. The pattern is formed by a U-shaped recovery that resembles a cup, followed by a small downward consolidation that forms the handle. As of now, Shib’s price is forming the handle portion trying to replenish the bullish momentum. Here’s how this bullish continuation pattern may influence SHIB’s price future movement.
Key Points:
- A daily candle closing above the $0.0000135 barrier may drive the coin price 10% higher to rechallenge the $0.0000104 ceiling
- The recently reclaimed EMAs(20, 50, 100, and 200) could offer strong support during the pullback
- The intraday trading volume of the Shiba Inu coin is $321 Million, indicating a 31% loss.
Source- Tradingview
Amid the new year recovery in the crypto market, the Shiba Inu coin price rallied 86% from January 1st and reached $0.0000148. However, with the increasing uncertainty among market participants, the SHIB price witnessed a minor correction which plunged it to $0.0000117 support.
In theory, the correction phase which is the handle portion of the aforementioned pattern is meant to check stability in coin prices at higher levels. Thus, the Shiba Inu coin rebounded from the $0.0000117 support and surged 13% higher to reach a local resistance of $0.0000135.
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Currently, the coin price trades at $0.00001331, with an intraday gain of 3.18%. Anyhow, a breakout above the $0.0000135 barrier will accelerate the buying pressure, and follow buyers to rechallenge the $0.0000148 neckline resistance.
A daily candle closing above $0.0000148 will signal the resumption of the bullish trend and may drive the price to the $0.000022 high.
Conversely, the coin buyers’ failure to surpass $0.0000135 or $0.0000148 may prolong a sideways trend.
Technical Indicator
RSI: despite a recent correction, the RSI slope moving above the midline(50%) mark, indicates the market sentiment remains bullish
EMAs: the 50-and-200-day EMA nearing a golden crossover may increase buyers’ confidence for reaching higher levels.
SHIB Coin Price Intraday Levels
- Spot price: $0.000
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.0000135 and $0.0000148
- Support level- $0.0000117 and $0.0000105
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.
