Can Shiba Inu’s Winning Streak Reclaim $0.000014 Mark?

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Published 3 hours ago

The Shiba Inu price rebounded from the $0.0000103 support with a morning star candle. As a result, the altcoin witnessed a three-day winning streak with a good volume hike. This high momentum recovery challenges the $0.000012 resistance offering a breakout opportunity for interested traders.

 Key points: 

The V-shaped recovery in Shiba Inu allows buyers to breach $0.000012.
The daily-RSI slope enters the bullish theory.
The intraday trading volume of the Shiba Inu coin is $787.5 Million, showing a 120% gain.

Shiba Inu ChartSource- Tradingview

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The August-September correction in Shiba Inu price offsets nearly 70% gains from the previous recovery. Moreover, the downfall has recently retested local support of $0.0000103, checking the bullish commitments in discounted price.

Amid the ongoing recovery in meme coins backed by substantial accumulation, the Shiba Inu price bounced from the $0.0000103 support. Moreover, the bull-run showcased the consecutive green candle and registered a 15.4% growth.

Furthermore, the rising trend in the trading volume supports the recent recovery rally and the bullish engulfing candle. Hence, adding more points to the bullish trend possibility. 

Currently, the altcoin trades at the $0.00001204 mark and retests a combined resistance of $0.000012 and 50 EMA’s. Thus, this concentrated resistance is likely to revert prices and resume the prevailing correction. If this theory worked out, the Shiba Inu price could slump 13.6% and make a breakdown attempt from the $0.00001 mark.

On a contrary note, if the bullish pressure sustains, the shine Inu price will breach the overhead resistance, offering practical support to climb higher. A daily candle closing above $0.00001 could drive the prices higher.

Technical indicator

Relative strength index: the daily-RSI slope surged above the midline, indicating the bullish sentiment restored for Shiba Inu.

EMA- The flattish crucial EMA accentuates a sideways trend. Moreover, in 20-and-50-day EMA, wavering at the $0.000012 mark offers additional barriers against bullish growth.

Shiba Inu intraday levels

Spot price: $0.00001204
Trend: Bullish
Volatility: low
Resistance levels- $0.00001285 and $0.0000139
Support levels: $0.0000011 and $0.00001

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

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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