Shiba Inu Could Rally Another 10% Upon Surpassing This Price Level
17 Mai 2023 - 12:30AM
NEWSBTC
The price of Shiba Inu has been consolidating, leading to a
downward trend. In the last 24 hours, SHIB has lost 2% of its
value, and there has been limited movement on the weekly chart.
This indicates a decrease in buying interest and an increase in
selling pressure. The market for SHIB appears oversold, but there
is still a possibility of a price recovery if buyers step in. A
small increase in buying activity could result in a significant
appreciation of SHIB over the next trading sessions. Related
Reading: PEPE Unlikely To Be As Big As DOGE & SHIB, Says
Santiment Moreover, there are bullish signals suggesting a
potential breakout. The price movements of altcoins, including
SHIB, have been similar to Bitcoin, which is currently experiencing
uncertainty. For SHIB to see positive momentum, a shift towards a
more optimistic buying sentiment is necessary. However, it is worth
noting that the market capitalization of SHIB has decreased,
indicating that sellers currently have control over the asset’s
price. Shiba Inu Price Analysis: One-Day Chart At the time of
writing, SHIB was priced at $0.000008, trading near its resistance
level of $0.000009. Prior to reaching $0.000009, the coin may face
a minor resistance at $0.0000088. A symmetrical triangle pattern
has formed for SHIB, indicating a bullish signal. If SHIB
successfully surpasses the $0.0000088 level, it could experience an
upward breakout from the triangle, potentially reaching $0.0000096.
This would result in a significant rally of over 10% for the coin.
Conversely, a decline from the current price would push SHIB down
to $0.0000084, leading to a considerable loss. The recent session
showed a decrease in trading volume for SHIB, indicating low buying
strength. Technical Analysis Throughout most of this month, SHIB
has experienced increased selling pressure. The Relative Strength
Index (RSI) dropped below the 20-mark, indicating an oversold
condition due to a significant decrease in demand. If SHIB manages
to surpass immediate resistance levels, buyers may reenter the
market. Similarly, the coin’s price fell below the 20-Simple Moving
Average (SMA) line, suggesting that sellers were driving the
market’s momentum. Furthermore, a bearish signal was observed as
the 200-SMA (green) crossed over the 50-SMA (yellow), forming a
death cross pattern. A death cross typically signifies a downward
price movement. Confirming the bearish indications, the meme-coin
showed sell signals. The Moving Average Convergence Divergence
(MACD) which indicates price momentum and trend reversals exhibited
red histograms which are associated with the sell signals. Related
Reading: The Aura Around PEPE Isn’t Good For The Market, Especially
Bitcoin – Here’s Why Conversely, the Chaikin Money Flow (CMF)
remained positive, with the indicator above the half-line. This
indicated that there were more capital inflows than outflows at the
time of writing. Featured Image From iStock, Charts From
TradingView.com
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