Shiba Inu's Consolidation Likely to End Soon By a Huge Breakout (SHIB Price Analysis) - Daily Bitcoin news

Shiba Inu’s Consolidation Likely to End Soon By a Huge Breakout (SHIB Price Analysis)


Over the past bearish weeks, Shiba Inu has formed a large descending triangle, and the price is approaching its apex. The next direction for Shiba Inu’s SHIB will be decided once a breakout occurs.

Key support level: $0.000010, $0.000008

Key Resistance level: $0.000011, $0.000014

With the key support at $0.000010, SHIB’s price will approach a critical point. The descending triangle – marked blue on the following chart – is only days away from reaching its apex. This pattern is textbook bearish (70% breakout to the downside), however, a bullish breakout is also something to keep in mind.

SHIB will likely surpass the key resistance at $0.000011 and target higher if broken above.

SHIBUSDT_2022-06-05_13-29-07
Chart by Trading View

Technical Indicators

Trading Volume: The trading volume is almost nonexistent right now, mainly because of the weekend.

RSI: The daily RSI failed to move above 50 points and is currently making lower highs. This is somewhat bearish.

MACD: The daily MACD remains bullish, but the histogram mirrors the volume with lower highs.

SHIBUSDT_2022-06-05_13-29-21
Chart by Trading View

bias

The bias on SHIB is neutral, and a break of this triangle is needed in order to change this bias.

Short-Term Prediction for SHIB Price

With most of the market being flat, whereas Bitcoin consolidates between $28-30K, it is expected that SHIB will consolidate until the anticipated triangle’s breakout.

The mentioned-above indicators also provide mixed signals, so it is best to prepare for the worst outcome or breakout and hope for a positive breakout if you’re a SHIB holder.

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Cryptocurrency charts by TradingView.



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