Shiba Inu price downtrend started in November 2021 has shifted its direction sideways reflecting the exhaustion of bearish momentum. The formation of new higher bottom Line in price reflects the buyer’s effort to regain tendency control and the possible bottoming of this memecoin.
In today’s chart analysis, we’ll discuss 3 reasons why the SHIB price may witness whole lot of growth in the near future.
1. Is Shiba Inu (SHIB) A Good Investment for Long-term?
In the weekly time frame chart, the Shiba Inu (SHIB) price shows the formation of a symmetrical triangle pattern. For nearly a year, this memecoin has been resonating betwixt the triangle’s converging trendlines giving a specific direction to the present sideways trend.
Amid the past few correction phase in the market, the SHIB price has plunged back to the pattern’s support in search of suitable support. In a favorable positive tendency scenario, the ascending trendline will recuperate the positive tendency momentum and drive a price swing back to the upper trendline, situated near $0.0000135.
2. SHIB Price Accumulation At Key Support
By the press time, Shiba Inu (SHIB) price trades at $0.00000865 and shows a short-term consolidation phase over the long-coming support trendline. The sideways move showcased plenty of failed attempts from sellers to plunge the price lower which reflects aggressive accumulation from market participants.
This buying pressure could surge the price higher and a potential breakout from the $0.00000917 resistance will signal the start of a new bull cycle within the pattern.
3. RSI Turns Bullish on Weekly Chart
The Relative Strength Index(RSI) is a momentum indicator used to determine the strength of the past few movement of an investment. Although while the SHIB price still makes a series of lower highs, the weekly RSI slope shows an evident boost indicating increasing buying pressure amid a sideways trend.
This positive tendency divergence increases the likelihood of a positive tendency reversal and upside breakout from the triangle pattern.
Will Shiba Inu (SHIB) Price Break $0.0000135 Mark Soon?
A potential breakout from the upper trendline of the triangle pattern will intensify the positive tendency momentum and hints at an early sign of tendency reversal. The 1st target after chart pattern completion may be $0.0000157, followed by $0.00001782.