Shiba Inu Price Analysis: Bullish Pattern Sets $SHIB Price for 17% Upswing
As the daily price chart above shows, an ascending triangle pattern is currently forming to indicate a short-term bull trend in the Shiba Inu price. This bullish continuation pattern is shown using a support trendline and a horizontal neckline resistance. The new higher lows formed using this pattern are a sign of gradual growth in bullish momentum and indicate a potential upswing.
Shiba Inu Price Daily Chart:
- The ongoing recovery in SHIB price may prolong until the triangle pattern is intact.
- A bullish breakout from $0.0000084 will intensify the buying pressure on the market
- The intraday trading volume of the Shiba Inu coin is $83.2 Million, showing a 28% reduction.
Source- Tradingview
While the crypto market is wallowing in uncertainty, the Shiba Inu price showed another bearish reversal from the $0.0000084 neckline resistance. This reversal tumbled the prices by 9.4% to the current trading price of $0.00000769.
However, the falling price may soon reach the lower trendline of the triangle pattern near $0.0000075, offering a pullback opportunity. The dynamic support offering constant support could replenish the bullish momentum and continue the recovery higher.
However, the SHIB price would witness a significant inflow once the bulls breach the $0.0000084 neckline resistance. With a daily candle closing above this barrier, the buyers will obtain a strong launchpad to drive the prices 17% higher and hit $0.0000098
Will SHIB Price Revert to $0.0000083?
If the overall market trend turns bearish, the SHIB price could break the lower trendline as a sign of a major correction. The breached support would turn into a potential resistance assisting sellers to put higher pressure on buyers. The potential downfall could plummet the memecoin back to $0.0000064.
- Relative Strength Index: The formation of higher highs and lows in the daily RSI slope reflects underlying bullish momentum is gradually rising.
- Super Trend: A red film projected in the daily chart indicates the overhead trendline is still bearish.
