In the recent sell-off in the crypto market, the Shiba Inu coin price tried to escape the ongoing consolidation with the breakdown of $0.0000082 support. However, the buyers actively defended this range support and reverted the price higher immediately. Furthermore, with the signs of reversal from the support, the ongoing consolidation phase is expected to extend for a few more trading sessions.

 Key points from Shiba Inu coin analysis                                         

The Shiba Inu coin price rebounded from $0.0000082 with a morning star candle pattern. This pattern undermines the prior downfall and creates a sense of recovery.
The bullish reversal encourages buyers for a 10% price rally to hit the $0.0000096 mark.
The intraday trading volume of the Shiba Inu coin is $204 Million, indicating a 13.5% loss.

Source- Tradingview

Amid the last recovery cycle in the crypto market, the Shiba Inu coin price stalled its prior downfall with the support of $0.0000082. As a result, this memecoin turned sideways and created a rectangle range between the $0.00000966 and $0.0000084 mark.

This consolation phase in an established trend usually signs for a short break period before the price continues on the prevailing path. The coin price has tested both the aforementioned level of the range several times, indicating the traders are reacting to this pattern.

Furthermore, with the recent sell-off in the crypto market, the price plunged back to the $0.0000082 bottom support. However, on December 17th, the Shibburn community burned a total of 1,500,000 SHIB tokens in one transaction, reducing a significant chunk of the total supply.

This recent burn activity must trigger the 7% jump today, rebounding the SHIB price from $0.0000082 support. A bullish reversal from this support set the coin price at another 10% as it rises back to overhead resistance.

Thus, the Shiba Inu coin is expected to continue its consolidation phase for a few more trading sessions.

Having said that, the price breakout from either level of the range will trigger a directions rally in SHIB. A bullish breakout from the $0.00000966 resistance mat assists buyers in reaching the $0.0000105 mark.

Conversely, a breakdown from the $0.0000082 support will prolong the prior downfall to $0.0000075 support.

Technical indicator

Relative strength index: Amidst a sideways price action, the daily-RSI slope wavering below the neutral line indicated the sellers have an upper hand which also increases the chance of a $0.0000082 breakdown.

EMAs: the 20-and-50-day EAMs offer dynamic resistance to Shiba Inu coin price, trying to restrict bullish growth.

Resistance levels- $0.0000096 and $0.0000105
Support levels: $0.0000082 and $0.0000075

The post Here’s Why Shiba Inu Coin Sees A 10% Jump in Near Future appeared first on CoinGape.

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Filed under: News - @ December 18, 2022 3:38 am