The ongoing downtrend in the cryptocurrency market, the famous meme coin shiba inu It has also found a response on the front and continues to find a response with a continuing decline for the last two months. The lows that can be clearly seen on the chart reveal that the market sentiment is still “sell when rally”. In addition to these developments, the technical chart also reveals that the falling prices are limited within the two converging trend lines. This activity in technical analysis revealed the formation of a falling wedge pattern.
Technical details:
- A downside reversal from the resistance trendline will trigger a sharp drop below the $0.00001 support.
- The MACD indicator slopes extending below the middle line indicate that the sellers have an edge.
- The intraday trading volume on Shiba Inu is around $199.4 million, representing a 30% gain.
Koinfinans.com As we reported, SHIB price continues to trade with the $0.000017 resistance and a resistance trendline as the uncertainty in the markets remains strong. While short body candles during this consolidation indicate indecision among market participants, the relatively higher price rejection associated with these candles reflects active selling at higher prices.
So, in response to this formation, Shiba Inu’s native token SHIB should bounce back from this trendline and trigger a new bear cycle. The potential drop should complete to break the immediate support at $0.0000103 and $0.000000975. However, the post reversal bearish should reach the support trendline according to the technical setup, in which case there would be a pullback towards around $0.00000885. This drop could mean a 20% drop in market value.
The true nature of the falling wedge pattern is to offer a strong direction rally. Therefore, if the Shiba Inu price rises above the extreme trend resistance, it will mean that previous selling on the rallies has shifted to buying on the dips.
Under ideal conditions, this pattern break should put the price closer to the $0.00001482 level.
Technical Indicator:
- EMAs: Falling EMAs (20, 50, 100 and 200) highlight an established downtrend. Also, the 20-day EMA is constantly showing resistance to sideways price action.
- MACD indicator: Despite the bullish cross on the MACD, there is no significant spread and the signal lines clearly indicate the weakness of the buyers.
Shiba Inu Price Intraday Levels
- Spot rate: $0.0000011.
- Trend: Sideways.
- Volatility: High.
- Resistance levels: $0.0000117 and $0.0000135.
- Support levels: $0.000001030 and $0.00000975.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.