In a recent sell-off in the crypto market, the Shiba Inu coin price tried to escape the ongoing consolidation with a breakdown of $0.0000082 support. However, buyers aggressively defended this range support and quickly pushed the price back higher. Moreover, signs of a reversal from the support will extend the ongoing consolidation phase for a few more trading sessions. expected.
Shiba Inu coin analysis points
- Shiba Inu coin price has rebounded from $0.0000082 in the Morning Star Candle pattern. This pattern undermines previous downfalls and creates a sense of recovery.
- A bullish reversal prompts buyers for a 10% price increase reaching $0.0000096.
- Shiba Inu Coin has an intraday trading volume of $204 million, showing a loss of 13.5%.
sauce- trading view
Amid the crypto market’s final recovery cycle, the Shiba Inu coin price has stalled previous declines at the $0.0000082 support. As a result, this memecoin turned sideways, creating a rectangular range between the $0.00000966 and $0.0000084 marks.
This consolation phase in an established trend usually marks a short break period before price continues its dominant path. The coin’s price has tested both levels in the aforementioned range several times, indicating that traders are reacting to this pattern.
Moreover, the recent plunge in the cryptocurrency market has sent the price plummeting to the bottom support of $0.0000082. However, on December 17th, the Shibburn community burned a total of 1,500,000 of his SHIB tokens in a single transaction, reducing a significant portion of the total supply.
This recent burn activity should trigger a 7% jump today and push the SHIB price back from the $0.0000082 support. A bullish reversal from this support drives the coin price up another 10% and back to the overhead resistance.
Shiba Inu Coin is therefore expected to continue its consolidation phase for a few more trading sessions.
That said, a price breakout from any level of the range will trigger a directional uptrend for the SHIB. A bullish breakout from the $0.00000966 resistance mat will help buyers reach the $0.0000105 mark.
Conversely, a break below the $0.0000082 support will extend the previous decline to the $0.0000075 support.
Relative Strength Index: Amid flat price action, the daily RSI slope swinging below the neutral line shows that the sellers have the upper hand and the $0.0000082 drop is also likely.
it’s not: The 20-day and 50-day EAMs offer dynamic resistance to the Shiba Inu coin price, trying to limit its bullish growth.
- Resistance Levels – $0.0000096 and $0.0000105
- Support levels: $0.0000082 and $0.0000075
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