Range Breakout Tease A 9% Jump In SHIBA Inu Coin; Enter Now?

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The Shiba Inu coin has been stuck in a narrow range for the past two weeks. This range movement reflects a rectangle pattern which offers a short consolidation before a strong rally. Therefore, a breakout from beyond this range could trigger a directional rally on the breakout side, providing an entry opportunity for sidelined trend.

 Key points: 

The Shiba price is wavering in a no-trading zone stretched from $0.0000096 and $0.0000089
A breakdown below $0.0000089 will offset the prior recovery with a downfall to $0.00000830
The intraday trading volume of the Shiba Inu coin is $114.4 Million, showing an 18% gain.

SHIBA Inu CoinSource- Tradingview

Phemex

Amidst the last recovery cycle in the crypto market, the Shiba Inu coin bounced back from the $0.0000083 support and surged 16% higher to hit $0.0000096. However, the recovery rally showcased several red candles and long-wick rejections, indicating an indecisive rally.

Moreover, the rising price was backed by low and decreased volume, projecting a lack of bullish commitment and a high possibility of downtrend resumption.

As for now, the memecoin has been resonating between $0.0000096 and $0.0000089 for the past two weeks creating a narrow range. This price range reflects a no-trading zone, and traders could avoid taking new enters inside it. 

The Shiba Inu coin price currently trades at $0.00000919, with an intraday gain of 0.99%. Thus, traders looking for entry opportunities should wait for a daily candle closing beyond the price range.

Concerning the price weakness mentioned above, the SHIB price is more likely to break the $0.00000893 support. This breakdown will signal replenished bearish momentum and may plunge the price to $0.829 support.

Conversely, a breakout above $0.000096 will prolong the recovery rally to the $0.0000105 mark.

Technical indicator

Relative strength index: the daily-RSI indicator, which reflects the speed and magnitude of the coin’s recent price, has reverted from the neutral line and plunged below the 20-SMA slope. The indicator value reentering the bearish territory indicates market sentiment supports a price drop.

EMA: the downsloping EMAs(20, 50, 100, and 200) display an established and where each may act a significant resistance level.

Shiba Inu coin price intraday levels

Spot price: $0.00000971
Trend: Bullish
Volatility: Medium
Resistance levels- $0.0000096 and $0.0000105
Support levels: $0.0000080 and $0.0000083

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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