Shiba Inu Coin Finds Support and Sees 9% Increase
Amid the broader crypto market recovery, Shiba Inu coin has found strong support at $0.0000085, resulting in a significant 9% increase to reach a peak of $0.0000096. However, despite this uptick, the overall altcoin market has experienced a slowdown due to uncertainty surrounding Bitcoin’s ability to maintain its position above $50k. As a result, there is a risk of a 4% drop in SHIB price this week.
Shiba Inu Price Trajectory Remains Bullish
Looking at the past four months, the trajectory of Shiba Inu price remains bullish with an ascending trendline. The coin has rebounded multiple times from this support level, indicating an important accumulation point for investors. Currently trading at $0.00000925 with a 1.7% intraday loss, there is a possibility of a breakdown below minor support at $0.0000092, potentially leading to a 4.3% price plunge towards the support trendline.
Potential for Reversal and Gains
If the demand pressure at the support level persists, there is potential for a notable reversal in Shiba Inu coin, with a projected gain of 14% to reach $0.0000105.
Shiba Inu Coin’s Downtrend and Potential Breakout
An analysis of the broader time frame reveals that Shiba Inu coin is following a steady downtrend characterized by a falling wedge pattern. This pattern indicates ongoing selling pressure on bullish bounces. However, the anticipated rally to $0.0000105 could provide buyers with an opportunity to escape the range of the wedge pattern and potentially signal a trend change.
Technical Indicators
- Exponential Moving Average (EMA): The long-term EMAs (100 and 200) suggest that the current market trend is sideways.
- Moving Average Convergence Divergence (MACD): A bullish crossover between MACD and the signal line indicates a positive short-term trend outlook.
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