Shiba Inu Price Prediction: Can SHIB Bulls Defend This Key Support? – CoinGape
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Shiba Inu price would soon retest weekly support of $0.000023, suggesting a reversal opportunity for traders. The meme coin forming a symmetrical triangle pattern in a longer time frame preparing for its upcoming rally. Moreover, the recent announcement about Richmond and Shiba Inu partnership, along with the American movie theater chain (AMC) accepting SHIB.
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Source- Tradingview
On March 1st, the Shiba Inu (SHIB) buyers attempted to breach the combined resistance of $0.000027 and the 50-day EMA. However, the intense supply pressure reverted the altcoin forming a long-wick rejection candle.
The bearish reversal displayed three consecutive red candles, registering an 11% fall in the last three days. However, the altcoin steadily approaching the immediate support of $0.000023 with decreasing volume activity indicates weakness in selling momentum. A reversal sign at this support would suggest the traders are accumulating at this dip, which would drive the Shiba Inu price 25% high, hitting the overhead resistance trendline.
Moreover, the SHIB chart shows a symmetrical triangle pattern formation in the daily time frame chart. The pattern’s support trendline would bolster the buyers to rebound from the $0.000023 level and begin the next bulls cycle.
However, a breakout and closing beyond the converging trendlines would signal the next directional move in SHIB price.
The flattish 50-and-200 EMA suggests a short-term sideways rally. However, the coin price trading below these EMA indicates the sellers have the upper hand.
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The Moving average convergence divergence shows the MACD and signal line has recently nosedived below the neutral zone, projecting a negative sentiment.
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August 3, 2022 at 04:43AM