SHIB Price Analysis: Will SHIB Hop Above The Bear Trap?
The post SHIB Price Analysis: Will SHIB Hop Above The Bear Trap? appeared first on Coinpedia Fintech News
With the overall facing a bearish hiccup, the Uptober season takes on a small dent with altcoins struggling to gain momentum. However, with last night’s recent recovery, meme coins like SHIB and PEPE entered the Asian trading hours at a bullish price.
Moreover, with recovery gaining momentum, the SHIB price enters a positive to rechallenge the overhead declining trendline. With breakout possibilities over the horizon, the Shiba Inu price prediction eyes a price hike in the coming months.
The lower high formation in SHIB price due to the constant rejections from the 50-day EMA gives rise to a resistance trendline. Furthermore, a descending support trendline is visible on the daily chart, completing the falling wedge pattern.
Completing the negative cycle within this bearish wedge, the SHIB prices find a cushion at the bottom support baseline. With buyers stepping in as the wider market recovers, Shiba Inu forms a morning star pattern teasing an upcycle.
Currently, the SHIB price trades at $0.000000696 with an intraday growth of 0.58. The morning star fuels the recovery ahead. Despite the ongoing sprout in recovery, the possibility of a bearish comeback is notable with any potential hiccup in the market.
Technical indicators:
RSI indicator: The daily RSI line takes a rounding reversal from the oversold boundary, supporting the recovery possibility.
EMA: The 50-day EMA is on a downward trend and is acting as a barrier to further price increases.
Will SHIB Price Rise Reach $0.00000851?
If buyers can maintain the upward momentum, the SHIB price may experience a positive trend within the falling wedge. This positive cycle could soon retest the overhead resistance trendline near $0.00000715.
On the more optimistic side, the positive cycle could lead to a bullish breakout and a price of $0.00000851. On the other hand, a slide below the support trendline could result in a deep correction phase for the meme coin. Potentially, it can lead to a price of $0.0000060.
