SHIB Price Analysis: Is Shiba Inu Ready For The Take Off??
The post SHIB Price Analysis: Is Shiba Inu Ready For The Take Off?? appeared first on Coinpedia Fintech News
Making a sharp V-shaped reversal from $0.00000695, the SHIB price taps into bullish momentum to challenge $0.00000750. Due to the overhead supply, the SHIB prices reverted with a sharp fall of 1.47% at press time.
Meanwhile, the market conditions are volatile, with hopes of better sentiments in October with the Bitcoin ETF decision. Will SHIB price manage to sustain the uptrend to rise above in such market times?
Forming an ascending triangle with the recovery rally and supply at $0.0000075, SHIB prices are preparing for a high momentum move. Despite the meme coin facing opposition from $0.0000075 twice, the buyers at the support trendline remain active.
Currently trading at $0.00000735, the SHIB price trend reverses from the overhead resistance. This forms a bearish engulfing candle with a 1.47% drop in market value. Nevertheless, the prices sustain above the support trendline.
In the daily chart, the second reversal from $0.0000075 forms a double top that questions the credibility of the bullish reversal. Considering the bearish powers take over, the 4-hour SHIB price chart can give an early signal for buyers to exit with the trendline breakout.
Coming to the technical indicators, the MACD and RSI indicators display slightly opposing viewpoints. The MACD and signal lines continue the uptrend after the positive crossover. Meanwhile, the RSI line rises above the halfway line but displays a bearish divergence.
Will SHIB Price Rise Above $0.0000075?
With the overall downtrend momentum, the bearish side seems much stronger in the SHIB price chart. However, the ascending triangle provides a bullish reversal opportunity. Nevertheless, the recent bear candle warns of a breakdown rather than a bullish continuation.
In case of the trendline breakdown, the prices can fall as low as $0.00000695.
On the bright side, if the price of Shiba Inu can break above the $0.0000075 level, it may rise above $0.0000090. The recovery rally could drive Shiba Inu sharply higher to reach the overhead resistance of $0.000010.