SHIB Price Prediction: the Shiba Inu price continues its sideways trend as market sentiment continues to struggle in uncertainty. However, amid this consolidation, a new support trendline has emerged to support the coin buyers to eventually breach the overhead resistance of $0.00001168-0.00001150. Here’s why this resistance holds more significance to ensure a potential price rally.

 Key Points: 

The formation of ascending triangle pattern encourages Shiba Inu price of 22% rally
A breakdown below the support trendline will invalidate the bullish theory
The intraday trading volume of the Shiba Inu coin is $128.4 Million, showing a 14% gain.

Source- Tradingview

In the daily time frame chart, the Shiba Inu price has been wobbling between a fixed horizontal resistance of $0.00001168-0.00001150 and rising trendline support for over a month. Despite the market sentiment, this type of consolidation showcases the formation of a famous bullish pattern candle ascending triangle.

In theory, the lower formation formed using the pattern’s support trendline indicates a gradual rise in bullish momentum. As of now, the Shiba Inu price trades at $0.0000109 and is approaching the rising trendline for another support.

If the coin price manages to sustain above the trendline, the consolidation phase will likely continue for a few more sessions, but the buyers could challenge the $0.0000109 neckline to revive the prior recovery.

Also Read: What Is Regenerative Finance (Refi) And Who Is It For?

A daily candle closing above $0.0000109 will offer an entry-long opportunity with a potential target to reach $0.0000135.

Conversely, a breakdown below the trendline will undermine the bullish theory and trigger a longer correction.

Technical indicator

Relative strength index: Despite the price action moving sideways, the RSI slope manages to surpass the last swing high indicating the underlying buying pressure is rising which gives additional confirmation for a $0.0000109 breakout.

EMAs: the 200-day EMA moving near the $0.0000109 increases the resistance power of this level.

Shiba Inu Price Intraday Levels

Spot price: $0.0000109
Trend: Bullish
Volatility: High
Resistance levels- $0.0000116 and $0.0000125
Support levels: $0.00001028 and $0.0000097

The post SHIB Price Prediction: Bullish Pattern Prepares Shiba Inu Price for 22% Upswing appeared first on CoinGape.

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Filed under: News - @ April 9, 2023 4:55 pm