This Trendline Breakout Sets Shiba Inu Coin For A 15% Jump

Cryptoware


Published 8 seconds ago

In response to rising buying pressure in the crypto market and high accumulation from whales, the Shiba Inu coin price bounced from $0.0000083 support with a tweezer bottom candle pattern. Moreover, this bullish reversal surpasses the immediate resistance of $0.00000888 and the downsloping trendline, offering an entry opportunity for sideline buyers.

 Key points: 

The SHIB price rebounded from $0.0000083 support with a tweezer bottom candle pattern
A bullish breakout from the resistant trendline offers buyers a higher footing to prolong the recovery
The intraday trading volume of the Shiba Inu coin is $168.7 Million, indicating a 14.5% loss.

HashFlare

The Shiba Inu team has been recently offered to work with World Economic Forum as part of metaverse (MV) global policy. While the SHIB price is highly discounted, such favorable news attracted several retail buyers and whales to buy this coin.

As a result, the whale accumulation crossed over a Trillion and significantly surged the coin’s market value.

Shiba Inu coinSource- Tradingview

Over the past two weeks of a sideways walk, the Shiba Inu coin price twice rebounded from the $0.00000830 support indicating the buyers are actively defending this level. With sustained buying in the crypto market, the SHIB price rose 10% in the last two days.

Furthermore, this bullish reversal gave a strong breakout from the downsloping trendline. The memecoin currently trades at $0.00000889 and tries to retest the breached resistance as potential support.

If buyers manage to sustain above the falling trendline, the post-test rally may drive the prices 17% higher to hit $0.0000105. 

Conversely, a 4-hour time candle closing below $0.0000088 will offset the bullish thesis.

Technical indicator

Relative strength index: The 4-hour chart shows that the RSI slope rose above the neutral line, indicating the market sentiment is turning bullish on a short-term scale.

EMAs: the recently reclaimed 20 EMA slope offers suitable support for the SHIB price in the ongoing retest phase.

Shiba Inu coin intraday price levels

Spot price: $0.00000889
Trend: Bullish
Volatility: Medium
Resistance level- $0.00000951 and $0.0000136
Support levels: $0.0000088 and $0.00000830

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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