Shiba Inu Price Analysis: SHIB Crypto Needs to Register its Breakout through the Neckline of Triangle!

  • Shiba Inu price is trying to surge towards the upper neckline of the ascending triangle pattern over the daily chart.
  • SHIB crypto is trading at 20, 50, and 100-days DMA and is still below 200-day Daily Moving Average.
  • The pair of SHIB/BTC is at 0.00000000064 BTC with an intraday gain of 1.06%.

At the 2021 lows, Shiba Inu’s price veered away from a falling triangle pattern and entered a consolidation phase inside an ascending triangle pattern. The token will have to devise a scheme of escape and recruit patron assistance. On the daily price chart, it is currently trading at a downward pace. If the coin wants to move past the consolidation stage, it has to attract more investors. The SHIB coin needs to surpass the 2021 lows in order to retake the chart. The SHIB cryptocurrency has to draw more buyers if it is to rise through the consolidation phase of the ascending triangle formation. To escape the rising triangle pattern from the 2021 lows, the token is aiming to climb toward the upper trendline.

The market capitalization of Shiba Inu is at CMP $0.00001328, up 8.44% from the day before. The intraday trading session saw a 99.71% increase in transaction volume. The token’s breakout from the ascending triangle pattern can be seen here, which shows that SHIB bulls are attempting to record it. The volume to market cap ratio is 0.08788.

To exit the ascending triangle pattern, the SHIB coin price has to draw a sizable number of buyers. However, the steadily declining volume on the chart indicates that short sellers are entangled in the SHIB currency. To avoid being discovered by the vendors, the token must attract customers. For the breakthrough to be recorded, the token must move close to the above trendline while bulls are just barely holding the upper trendline’s edge.

What do Technical indicators suggest about SHIB?

The price of the SHIB coin is striving to remain constant at the present level in an effort to alter the trajectory of the token. The SHIB coin needs to maintain its current trend in order to get near the upper range. Technical indicators point to an upward trend for the SHIB coin within an ascending triangle formation.

The SHIB coin’s upward momentum is displayed by the relative strength index (RSI). At 55, the RSI is approaching overbought territory. The SHIB coin’s positive momentum is visible on MACD. A positive crossover will occur when the MACD line crosses the signal line upward. Investors in SHIB must watch the daily chart for any directional changes.

Conclusion

At the 2021 lows, Shiba Inu’s price veered away from a falling triangle pattern and entered a consolidation phase inside an ascending triangle pattern. The token will have to devise a scheme of escape and recruit patron assistance. On the daily price chart, it is currently trading at a downward pace. If the coin wants to move past the consolidation stage, it has to attract more investors. The SHIB coin needs to surpass the 2021 lows in order to retake the chart. To avoid being discovered by the vendors, the token must attract customers. For the breakthrough to be recorded, the token must move close to the above trendline while bulls are just barely holding the upper trendline’s edge. Technical indicators point to an upward trend for the SHIB coin within an ascending triangle formation. A positive crossover will occur when the MACD line crosses the signal line upward. Investors in SHIB must watch the daily chart for any directional changes.

Technical Levels

Support Level: $0.00001190 and $0.00001170

Resistance Level: $0.00001412 and $0.00001480

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.   


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