A channel pattern governs the current downtrend in SHIB price; Should you sell this?
Published 10 seconds ago
With the leading cryptocurrency Bitcoin gaining strong support at $25000 the prominent altcoins have started witnessing demand pressure. As a result, the aggressive downfall in the Dog-themed memecoin reverted to the $0.0000074 level to trigger a minor pullback. However, with the overall negative market trend intact, will the SHIB price hold $0.000007?
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Bullish Reversal Opportunity at $0.000007
- The SHIB price below daily EMAS(20, 50, 100, and 200) accentuates the overall downtrend.
- A technical chart reflects a reversal opportunity at $0.000007
- The intraday trading volume of the Shiba Inu coin is $94 Million, showing a 5.7% gain.
Source- Tradingview
Within a month, the Shiba Inu price has witnessed an aggressive sell-off. From the last swing high of $0.00001136, the memecoin lost a market value of 35.6% to reach a low of $0.0000075.
Currently, the price action is witnessing a minor pullback in its downtrend as the broader market witnesses demand pressure. The uptick could recuperate the exhausted selling pressure and resume the downward trendline.
By the press time, the SHIB price traded at $0.000000765 with an intraday gain of 0.13%. However, a long-upper wick rejection candle indicates the overhead supply pressure. With sustained selling, the coin price is poised to hit the demand zone at $0.00000725-$0.000007.
However, this falling price is associated with decreasing volume indicating weakness in bearish momentum. Therefore, the coin traders may witness demand pressure at the $0.000007 mark for a potential rebound.
Should You Buy SHIB Price at $0.000007?
The Shiba Inu’s price currently hovers near a crucial support level at $0.000007. While this level is expected to offer significant buying pressure, the technical chart portrays a broader bearish outlook, marked by a descending wedge pattern. This pattern is characterized by the coin’s price fluctuating between two narrowing trendlines. Even if the Shiba Inu enthusiasts drive a recovery from this support, a genuine bullish turnaround would necessitate a break above the upper trendline. This Breakout would propel this memecoin above the $0.00001 mark.
- Bollinger Band: The narrow range of Bollinger band indicator reflects indecisiveness among traders.
- Average Directional Index: A slight upswing in the ADX Slope reflects the sellers’ strengthening their grip over the coin.
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.
