Published 10 mins ago
On February 4th, the Shiba inu coin price gave a massive breakout from the $0.000014 neckline resistance of the rounding bottom pattern. Defying market uncertainty, this bullish breakout from crucial levels could buy a significant footing to lead the bullish rally higher. Here’s how this pattern completion pattern may influence SHIB price future growth.
Key Points:
- A bullish breakout from the $0.000014 neckline of the rounding bottom pattern offer enter opportunity for sidelined buyers.
- The 20-day EMA slope offers dynamic support to the rising SHIB price
- The intraday trading volume of the Shiba Inu coin is $725.8 Million, indicating a 45% loss.
Source- Tradingview
The formation of a rounding bottom pattern is a sign of trend reversal in technical analysis. Under the influence of this pattern and the new year recovery in the crypto market, the SHIB price rallied 80.8% higher since January 1st and reached the current price of $0.0000144.
The bullish rally breached multiple resistance levels, from which the most recent one being the $0.000014 neckline resistance of the rounding bottom pattern. A breakout from this multi-month resistance should intensify the bullish momentum for prolonged recovery.
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Over the past two days, the coin price retested the breached resistance as support, validating whether the buyers can sustain higher or not. Anyhow, the long-wick rejection attached to the two daily candles indicates the buyers are deafening the newly reclaimed $0.000014 mark.
Thus, the post-retest rally could drive the prices 36% higher to hit the $0.00002 mark.
Technical Indicator
MACD: A bullish crossover between the indicators as MACD(blue) and signal(orange) signifies the replenishing of bullish momentum and a higher possibility for uptrend continuation.
Bollinger band: the SHIB price breakout from the indicator’s upper band suggests the buying activity is aggressive for the given time. Thus, a minor consolidation above $0.000014 may stabilize the excessive buying before the bull run continues.
Shiba Inu Coin Price Intraday Levels
- Spot price: $0.0000145
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.000016 and $0.000018.
- Support level- $0.000014 and $0.000012
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.
