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.
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.
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.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making investment any decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.