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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.
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.
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.
#ShibArmy I need a quick vote: We have been kindly invited to work with the WORLD ECONOMIC FORUM as it pertains to their MV global policy. Would love to know what you all think because it’s not our decision, but yours.
— Shytoshi Kusama™ (@ShytoshiKusama) November 22, 2022
As a result, the whale accumulation crossed over a Trillion and significantly surged the coin’s market value.
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.
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
Resistance level- $0.00000951 and $0.0000136
Support levels: $0.0000088 and $0.00000830
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.