$0.000013 Breakout Encourages Shiba Inu Buyers For 15% Rally

SHIBA INU

Published 5 seconds ago

A double bottom pattern breakout from the neckline of $0.000013 signals the Shiba Inu buyer’s attempts for price recovery. Following the recent correction, this pattern completion will indicate the traders are buying dips. However, is the $0.000013 breakout enough to continue a bullish recovery?

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 Key points from Shiba Inu analysis: 

  • The SHIB market value has soared 12.3% in the last three days
  • The ADX slope bearish fall indicates the bullish momentum took a significant hint in the recent correction
  • The intraday trading volume of the Shiba Inu coin is $787.5 Million, indicating a 120% gain.

TradingView Chart

Source- Tradingview

August’s second-half correction in the crypto market plummeted the Shiba Inu price to $0.0000118. however, Over the past two weeks, altcoin tested this level twice, validating it as legitimate support. 

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Furthermore, these two reversal from $0.0000118 support revealed a double bottom pattern in the daily time frame chart. The bullish reversal pattern bolsters buyers to resume the prior recovery.

Thus, with a 6.88% jump today, the Shiba Inu price provides a massive breakout from $0.000013 necklace resistance. The significant pump in volume activity reflects the traders’ favor for this breakout. 

However, a long-wick rejection is attached to the daily candle due to profit booking from short-term traders. Thus, the traders must wait for the candle to close above the $0.000013 neckline to confirm the breakout.

A successful breakout will lead the Shiba Inu prices 15% higher to hit the $0.0000148 mark.

On a contrary note, the recent correction breached a rising support trendline, which flips into a viable resistance and may stall the potential bull run.

Thus, a bullish breakout from the combined resistance of $0.0000148, overhead trendline, and 200-day EMA will give a better confirmation for continued bullish recovery.

Technical indicator

MACD indicator: the MACD and signal lines are wobbling around the neckline, signals uncertainty or neutral bias among the market participants.

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EMA- The 100-day EMA aligned with the $0.000013 resistance puts an additional barrier against the buyers and accentuates an overall downtrend.

  • Resistance levels- $0.000013 and $0.000017
  • Support levels: $0.00000121 and $0.0000099 

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From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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