Safe Retracement Keeps the Shiba Inu Trend Bullish
A bullish breakout from the triangle pattern will provide an entry opportunity and a directional rally. The SHIB price could witness overhead resistance at $0.000012, followed by $0.000014. The intraday trading volume of Shiba Inu is at $214 Million with a 39% loss.
On December 17th, the Shiba Inu price reverted from a dual resistance of $0.0000119 and a resistance trendline of an 18-month-long chart pattern. This reversal plunged the prices by 20% and hit the psychological level of $0.00001.
As of now, the SHIB price trades at $0.0000102 and is trying to sustain above the 38.2% Fibonacci retracement level. Recently, this dog-themed memecoin has shown such similar pullbacks which obtained suitable support between the 38.2% to 61.8% FIB level.
This healthy retracement indicates the overall bullish trend is intact and a higher for price to rebound from $0.00001 and surge 14% to rechallenge the overhead trendline. Anyhow, for Shiba Inu to establish a sustainable recovery, the buyers must breach this barrier as it will provide a better confirmation of trend reversal.
The post-breakout rally could lead a rally to $0.00001577, followed by $0.000018.
Why is SHIB at Risk of Further Correction?
While the current market outlook for the Shiba Inu seems bullish, the coin price wavering around a crucial resistance reflects the threat of a potential correction. The historical data has shown a retest to the triangleβs upper boundary has led to increasing supply pressure and a notable correction. Thus, if the falling price breaches below the immediate support trendline, the sellers may fasten their grip and plunge to $0.0000076 monthly support.
- Moving Average Convergence Divergence: A possible breach crossover between the MACD(blue) and signal(orange) would offer an additional edge to market sellers.
- Bollinger Band: A flag upper boundary of the Bollinger Band indicator could create additional resistance against buyers.
Hot Take: Shiba Inu Price Prediction
The second-largest cryptocurrency, Shiba Inu, has shown resilience in the face of market uncertainty and continues its recovery. With a recent pullback to $0.00001, there may be an opportunity for entry. The bullish trend remains intact, with potential resistance at $0.000012 and $0.000014. However, caution is advised as there is a risk of further correction if the price breaches key support levels. Pay attention to indicators like Moving Average Convergence Divergence and Bollinger Bands for additional insights into market sentiment. Overall, Shiba Inu’s price prediction suggests a potential rally towards $0.00001577 and $0.000018 in the near future.
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