Can Bullish Recovery Sustain Above $0.000012?admin
Published 3 hours ago
The Shiba Inu (SHIB) technical chart offers an opportunity to end the ongoing consolidation phase with the bullish breakout from the Inverted H&S pattern. However, an immediate resistance of $0.000013 stalled the current bull run, where sellers attempted to invalidate the bullish pattern. Thus, the coin traders should wait for daily candle closing before picking up a side.
- The SHIB market value has soared 63% since last month
- The 20-and-50-day EMA is approaching a bullish crossover
- The intraday trading volume of the Shiba Inu coin is 958 Million, indicating a 22% gain.
While the crypto market grappled with uncertainty over the past two months, the SHIB/USDT pair showcased the formation of an inverted head and shoulder pattern. This bullish reversal pattern highlight two important support in the coin chart, one at the head portion, i.e., $0.00000745, and another at the right shoulder portion of $0.00001
Furthermore, as the positive sentiment is returning in the crypto market, the SHIB price rebounded from the $0.00001 support zone with a bullish engulfing candle. Moreover, the resulting run-up surged the altcoin 30% higher to its current level of $0.000012.
During this recovery, the SHIB price gave a massive breakout from the $0.000012 neckline resistance, offering an early sign of recovery. Furthermore, a daily candlestick above the breached resistance is needed to confirm a genuine breakout.
From a theoretical point of view, the reversal pattern forecasts a 32.78% upswing to $0.0000175.
On the contrary note, the high-wick rejection candle at the immediate resistance at the $0.000013 barrier undermines the bullish momentum and threatens the $0.000012 breakdown.
Therefore, safe traders may wait for a $0.000013 breakout before positioning them for a long trade.
Vortex indicator: the rising OBV indicator shows increasing interest in long positions trade market pa. Thus, more buyers entering the market should bolster the $0.000013 breakout.
Bollinger band indicator: the sudden price jump breached the indicator’s upper band reflects aggressive buying from traders. However, retest or breakout from the overhead resistance of the hand encourages a minor retracement.
- Resistance levels- $0.000013, and $0.000017
- Support levels: $0.00000121 and $0.0000099
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.