This Bullish Pattern Encourages Shiba Inu Coin For 38% Rise; Buy Now?

The price of Shiba Inu Coin has recovered from the local support of $0.0000079 due to the recent recovery sentiment in the crypto market. The result was a parabolic recovery in the coin’s price, jumping 30% in just two weeks. As such, the daily chart shows the formation of a rounded bottom pattern when it comes to U-shaped recovery. Here’s how this bullish pattern will affect future Shibu Dog Coin futures.

Key Point:

• A bullish breakout from the $0.0000097 resistance could push the Shiv price up 14.3%
• A bullish crossover between the 20-day EMA and the 50-day EMA increases the chances of a long-term recovery.
• Shiba Inu Coin has an intraday trading volume of $3.078 billion, showing a 53% loss.

sauce- trading view

In theory, a round bottom pattern marks a complete trend reversal as price action goes through a downtrend, an accumulation phase, and a recovery rally. Moreover, this continued Shiba Inu coin price recovery recently broke through the monthly resistance of $0.00000977. This definitive breakout baked by ample volume gains demonstrates the buyer’s commitment to pursue higher levels.

However, the January 14th daily candle shows a long denial that indicates short-term traders are posting profits. Therefore, if the selling pressure continues, the price of turf is likely to level out above the $0.0000097 level.

Also read: Explained: What are physical NFTs? How to sell physical items as NFTs

Moreover, the low price denials in the candlesticks over the past two days show that buyers are defending their newly-earned support. This ongoing retest phase offers a great entry opportunity for investors who believe Sibu prices could prolong the recovery.

Therefore, under the influence of the bullish pattern and the $0.00000977 breakout, the SHIB price is likely to witness a sustained rise of 38% to reach the $0.000014 barrier.

technical indicator

bollinger bands: Rising SHIB price consistently hitting the upper band of the Bollinger Bands indicator suggests that traders have extended their buying activity too much in the short term. Therefore, the SHIB price needs a consolidation or pullback phase to stabilize overbuying.

RSI: RSI slope high towards bullish territory indicates that market sentiment is in favor of the bulls.

Shiba Inu coin price daytime level

• Spot Price: $0.0000102
• trend: bearish
• Volatility: Medium
• Resistance levels – $0.0000117 and $0.000014
• Support Levels – $0.0000097 and $0.0000079