Double Top Pattern Leads SHIB Price Back To 0.0000228 Mark
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The Shiba Inu(SHIB) price recently spilled 15% from the overhead resistance trendline ($0.0000285) as traders continue to respond to a symmetrical triangle pattern. Yesterday( April 6th), the crypto market experienced a sudden sell-off as the largest crypto currency-Bitcoin lost its crucial support of $45000. As a result, the altcoins responded with similar action, and the SHIB price also breached its $0.000025 support.
Key points:
- The symmetrical triangle pattern governs the SHIB/USDT pair
- The daily-RSI indicators surpass their previous swing high
- The intraday trading volume in the Shiba Inu coin is $1.2 Billion, indicating an 18.5% drop.
Source- Tradingview
The uncertainty across the crypto market had confined the SHIB price within a narrow range. The coin price wobbled within the $0.0000285 and $0.00002537 levels for almost two weeks, forming a double top pattern.
Furthermore, the SHIB price gave a bearish breakdown from 0.0002537 neckline support, displaying a 7.32% intraday loss. However, the coin traders respect the symmetrical triangle pattern and may decline another 5%.
If the coin price rebounds from the ascending trendline, the range-bound rally will persist for a few more sessions. A bullish breakout from either converging trendline could kickstart a strong directional move in SHIB.
Technical indicator
SMA-The downsloping 50-and-100-day SMA maintains an overall bearish tendency. Moreover, the coin price has recently nosedived below these EMAs, stimulating additional selling in the market.
Vortex Indicator– A bearish crossover among the V+ and V- slopes provides a sell signal for SHIB traders.
- Resistance levels- $0.0000253, and $0.000028
- Support levels are $0.0000228 and $0.00002
Disclaimer
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.
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