Published 11 hours ago
On Dec 29, the Shiba Inu coin price bounced back from the support trendline of the lingering wedge pattern. With the bullish sentiment continuing in the cryptocurrency market, the buyer pushed the price up by 7.6% to his current price of $0.00000852 within a week. This bullish rally has also broken the trendline of the overhead resistance, offering a long entry opportunity for interested traders.
Key Point:
- A wedge pattern breakout sets the Shiba Inu price up 22%.
- Closing the candle every day below the drop would undermine the bullish momentum.
- Shiba Inu Coin has an intraday trading volume of $271 million, showing a 143% loss.
sauce- trading view
Amid Shiba Inu coin’s decline over the past two months, the daily technical chart showed the formation of a falling wedge pattern. This pattern has pushed the price down within two converging trendlines, reaching a low of $0.000007869.
Theoretically, the formation of this pattern indicates that bearish momentum is being lost as the price fails to achieve a longer decline. Moreover, SHIB prices have been steadily rising since last week as recovery sentiment has been building in the crypto market since the beginning of 2023.
Moreover, the bullish rally backed by increased trading volume shows that buyers are committed to this growth. Additionally, the Shiba Inu coin shows his 3% intraday jump, breaking through the pattern resistance his trendline.
Also Read: BREAKING: Shiba Inu’s Official Shibarium Account Shares Updated at Launch
This bullish breakout is an early sign of price recovery and offers a long entry opportunity for trades of interest. will reach $0.0000104.
However, the potential upside may face intermediate resistance between the 50-day EMA and $0000096 before hitting the mentioned target.
That said, if the daily candle falls below the trendline, the bullish thesis could be invalidated and the coin price could witness a longer correction.
technical indicator
Relative Strength Index: The daily RSI slope, which represents the strength of current price action, surges above the midline. An indicator value of 52% indicates growing positive sentiment towards SHIB.
it’s not: Along with the resistance at $0.0000086, the 50-day EMA is acting as a strong resistance and trying to undermine any potential upside.
- Resistance levels – $0.00000865 and $0.0000096
- Support levels: $0.0000075 and $0.00000664
The content presented may contain the author’s personal opinions and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication accepts no responsibility for your personal financial loss.
close story
