Shiba Inu Price Prediction: After creating a local top at $0.05, the SHIB price recovery turned sideways resonating within the two converging trend lines of a pennant pattern. The alternate order of green and red daily candles indicates no clear dominance of either party. However, with the prevailing bullish trend and uptrend continuation pattern, the SHIB price is likely to resume on a recovery path.
Also Read: Shiba Inu’s Shibarium Ranks in Top 5 on NOWNodes Network
Can the SHIB Price Rise to $0.0000012?
- In response to the pennant pattern, the SHIB price is likely to consolidate longer before giving a decisive breakout.
- The pennant pattern should assist buyers in surpassing the $0.00001 mark
- The intraday trading volume of the Shiba Inu coin is $112.5 Million, showing a 12.7% loss.
For nearly two weeks, the Shiba Inu coin price has been trading sideways, gradually developing a bullish pennant pattern in the 4-hour time frame. In theory, this minor consolidation recharges buying pressure before the next leap.
By the press time, the SHIB price trades at $0.0000087, and with a modest growth of 0.3%, the market sentiment is wavering in uncertainty, However, under the influence of this pattern, the prices are likely to resonate in the coming few days before giving a decisive breakout on the upside.
This breakout will release the buying momentum and surge the price 22% higher to hit the initial target of $0.00001058. However, an extended target for this pattern is the pole length of the pennant shot from the breakout point, indicating the $0.000012 as the next milestone.
Has the Uptrend Started?
The weekly time frame chart shows the long-term trend in Shiba Inu price is down under the influence of a falling wedge pattern. For nearly nineteen months, the coin price resonated within two downsloping trendlines acting as crucial resistance and support. If the anticipated rally plays true, the coin price may have an intense supply at the overhead trendline around $0.00135. Thus, a breakout from this barrier would be a better signal of a bullish trend.
- Exponential Moving Average(4-hour): The coin price trading above the 100-and-200-day EMA accentuates the short-term trend as bullish.
- Moving Average Convergence/Divergence(weekly): A bullish crossover state between the MACD and the signal line indicates a higher trend leap in the buyer’s favor.
Read the full article here