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Shiba Inu Coin's Weekly Price Analysis Guide Predicts 17% Gain

  • The Shiba Inu coin technical chart shows a sample representation of a rounding bottom pattern.

  • The pattern's U-shaped form structure shows sellers relinquishing trend power to buyers. Thus, the coin price is still in the middle of this pattern development, indicating that this memecoin can climb.

25 Jan 2023 By : COIN GABBAR
Shiba Inu Coin's Wee

The technical Shiba Inu coin chart displays a model illustration of a rounding bottom pattern.

Theoretically, the pattern's U-shaped form structure indicates the sellers losing control of the trend to the purchasers. As a result, the coin price is still in the middle of this pattern development, indicating that there is still room for this memecoin to rise.

If the daily candle closes over $0.00000961, the coin price may rise 8.5% and attempt to break above the $0.0000104 barrier. The 50-and-100-day EMA's likely bullish crossover may help buyers regain bullish momentum. The Shiba Inu coin's intraday trading volume is $302 Million, which is a 20% loss.

The Shiba Inu coin saw a U-shaped recovery from the 0.00000796 support during the cryptocurrency market's recovery at the start of the new year. This bullish turnaround has propelled the coin 50% higher in the last three weeks, where it is now trading at the $0.00001193 level.

The price increase also broke through several resistances along the way, turning them into appropriate supports for purchasers to maintain higher prices. Additionally, the SHIB price recently overcame the upper resistance level of $0.00001224, giving the bullish rise more support.

The coin price went sideways above the $0.0000118 threshold throughout the course of the last four days, and it displayed a number of high price rejections close to the $0.00001294 threshold. After a quick and strong bull run, these higher price rejection candle proposals indicate that bullish impetus has been exhausted.

However, the Shiba Inu coin will benefit from this consolidation phase as it attempts to regain the bullish momentum. The purchasers should finally drive the prices 17% higher to the $0.000014 neckline of the rounded bottom pattern if the coin price can sustain itself around the breached resistance.

On a more general perspective, coin holders may see a prolonged decline before the recovery rally resumes if the daily candle falls below the 0.000117 support.

Technical indicator

Bollinger band: An aggressive rise in the market is accentuated by the rising SHIB price, which is constantly moving close to the upper band of this indicator. Therefore, this memecoin needs a correction period to balance off the overwhelming buying.

RSI: The daily RSI slope reversed from the overbought area, indicating that the positive trend in the price of the coin is beginning to stabilise.