July 2023 Shiba Inu Price Analysis: Bullish Pattern Sets Up SHIB For 17% Increase

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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.

Shiba Inu Price AnalysisSource- 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.

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