The Shiba Inu coin technical Chart showcases a textbook example of a rounding bottom pattern. In theory, this U-shaped shape structure of the pattern represents the buyers taking trend control from the seller. Thus, the coin price is still midway in this pattern formation, indicating there is more growth potential for this memecoin.

 Key points: 

  • A daily candle closing above $0.00000961 may drive the coin price 8.8% higher to rechallenge the $0.0000104 barrier
  • The potential bullish crossover between the 50-and-100-day EMA could assist buyers in replenishing bullish momentum. 
  • The intraday trading volume of the Shiba Inu coin is $302 Million, indicating a 20% loss.

Shiba Inu coinSource- Tradingview

Amid the new year recovery in the crypto market, the Shiba Inu coin showcased a U-shaped recovery from the 0.0000079 support. In the past three weeks, this bullish reversal has surged the coin 50% higher to currently trade at the $0.0000119 mark.

Furthermore, the price rally breached multiple resistances during this journey which flipped them into suitable support for buyers to sustain higher prices. Moreover, the SHIB price has recently breached another higher resistance of $0.0000117, providing additional footing to prolong the bullish rally.

However, over the past four days, the coin price went sideways above the $0.0000117 mark and showed several high price rejections near the $0.0000122 mark. These higher price rejection candle projects exhausted bullish momentum after an aggressive bull run covered in a short time.

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However, this consolidation phase is beneficial for the Shiba Inu coin to recuperate the bullish momentum. If the coin price manages to show sustainability about the breached resistance, the buyers should eventually lead the prices 17% higher to the $0.000014 neckline of the rounding bottom pattern.

On a country note, if the daily candle closes below the 0.000117 support, the coin holders may witness a longer correction before the resuming recovery rally.

Technical indicator

Bollinger band: the rising SHIB price constantly moving near the upper band of this indicator accentuates an aggressive rally in the market. Therefore, a correction phase is needed for this memecoin to neutralize the excessive buying.

RSI: The daily RSI slope reverted from the overbought region, indicating the coin price is in the process of stabilizing the bullish trend.

Shiba Inu coin price intraday levels

  • Spot price: $0.0000119
  • Trend: Bearish
  • Volatility: High
  • Resistance level- $0.000014 and $0.00008
  • Support level- $0.0000117 and $0.0000079

The post Shiba Inu Coin’s Price Analysis Guide For This Week Hints 17% Upswing appeared first on CoinGape.

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