Shiba Inu Price Prediction: The formation of an inverted head and shoulder set a recovery trend above the $0.00001 mark.
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Shiba Inu Price Prediction: In the daily time frame chart, the SHIB price has experienced a V-shaped rebound from its support level at $0.0000066, surging by 29% and now challenging the monthly resistance of $0.0833. This upturn compensates for the losses incurred during the August-September correction and highlights the vigorous buying momentum, backed by substantial trading volume. Will buyers sustain this momentum in November?
Bullish Pattern Sets SHIB Price Rally to $0.00001
- The inverted head and shoulder may guide this memecoin for prolonged recovery
- A potential breakout from the $0.0000085 barrier would ses the SHIB price for a 32% gain
- The intraday trading volume of the Shiba Inu coin is $293.5 Million, showing a 51.5% gain.
The ongoing recovery trend in Shiba Inu coin price has taken a halt at $0.0000085 resistance. Despite substantial volume support on November 9, the price couldn’t breach this threshold, suggesting persistent supply pressure.
This resistance might stem from short-term traders taking profits, causing a sideways movement in the price. However, this consolidation phase could offer buyers a window to regroup and reignite the upward trend.
A look at the daily time frame chart shows this ongoing sideways trend as the potential formation of an inverted head and shoulder pattern. This bullish pattern is commonly spotted at the market bottom as reflecting an early sign of trend reversal.
If this pattern plays out, the SHIB price could surpass the $0.0000085 neckline, setting the stage for a further rise. With continued buying interest, we could see the coin price escalate by 32%, reaching a peak of $0.00001138.
Is Current Recovery Intact?
Despite the current sideways market sentiment, an analysis of the daily timeframe chart reveals an ascending trendline formation keeps the recovery trend intact. Over the past three weeks, the SHIB price has seen repeated rebounds from this support zone, indicating active buying during market dips. This suggests that as long as this dynamic support holds, the potential for an extended recovery remains high. However, a break below this level could trigger a significant market correction
- Bollinger Band: The downturn in the upper boundary of the Bollinger Band at $0.00000853 adds another layer of resistance.
- Average Directional Index: The ADX indicator at 38% suggests that a minor pullback could be advantageous for buyers, aiding in maintaining the recovery trajectory.
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.