Shiba Inu Price Prediction: The SHIB Price failed to sustain above the $0.0.0000077 may bolster the upcoming correction
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Shiba Inu Price Prediction: On October 25th, the Shiba Inu price made a decisive breakout from the monthly resistance level of 0.000007879. This breakout, accompanied by an increase in trading volume, was initially expected to fuel strong bullish momentum for further recoveries. However, the broader market sentiment has cast doubt on the sustainability of this breakout. Thus, the question arises: will this recent surge in supply pressure trigger a fake breakout?
Is Current Recovery Sustainable?
- The SHIB price consolidation is forming a narrow range from $0.00000785 to $0.000010758
- The coin price would face an intense supply zone at $0.00000873.
- The intraday trading volume of the Shiba Inu coin is $108.5 Million, showing a 34% loss.
Over the past three weeks, the Shiba Inu price has experienced significant growth, surging from a low of $0.0000066 to a high of $0.00001825, marking a 24.5% increase. This recovery, supported by rising trading volume, indicates active bullish momentum.
Nevertheless, the SHIB price faces overhead supply pressure around the $0.00000825 mark due to the broader market uncertainty. Consequently, the coin price has mostly traded sideways for over a week, attempting to maintain its position above the recently reclaimed $0.01077 level.
Interestingly, this consolidation phase remains within the range of the candlestick pattern on October 26th, which spans from. A breakout beyond this range would provide a more reliable signal for future price projections.
Considering the ongoing bullish recovery in the market, an upward breakout from the $0.00000781824 level could accelerate the momentum, potentially pushing prices up by 5.5% to reach the $0.00875 mark. A successful breakout from this point could provide support for further gains to $0.00001
Will SHIB Fall Back to $0.000006?
In technical analysis, a breakout from a resistance level is typically seen as a strong momentum indicator that should reach its target within a few days. However, if the asset fails to do so, it can signal weakness in the bullish momentum. Therefore, this memecoin’s failure to follow up on the October 25 breakout from $0.0077 raises the possibility of a correction. If a potential breakdown occurs and closes below the $0.00706 level, the SHIB sellers may face intensified selling pressure, potentially reaching the $0.00106 mark.
- Exponential Moving Average: The recently reclaimed (20, 50, and 100-day) EMAs slope is offering additional support to coin buyers.
- Moving Average Convergence Divergence: the MACD(blue) and signal line(orange) closing in for a potential bearish crucifer would reflect an additional confirmation of bearish reversal.
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.