Here are the reasons why Shiba Inu Coin’s next recovery cycle may surpass $0.000015
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Brian Bollinger The Shiba Inu coin experienced a minor correction in February, as did most major cryptocurrencies. This temporary retracement was significant for coin holders because it recovered the exhausted bullish momentum. It also offered sideline traders a discount opportunity. The SHIB price fell to $0.0000122 local support before resuming its uptrend. Furthermore, price sustainability above the mentioned support is a sign market participants are interested to buy the dip.advertisement key points: The post-correction rally could push the Shiba Inu Coin 12% higher to reach the monthly resistance at $0.000015
A bullish breakout above $0.000015 will increase the buying pressure and signal the return of the previous uptrend.
The intraday trading volume for the Shiba Inu coin was $225.5 Million. This indicates a 31.5% loss.
Source: Tradingview The formation of a cup-handle pattern has been evident in the price action of the Shiba Inu coins over the last four months. This pattern is characterised by a U-shaped recovery, which is a portion of a cup, followed by a minor countertrend movement/consolidation forming a handle. The coin price tested the $0.0000117-$0.00002 support during this pullback to confirm price suitability at higher levels. Trending StoriesThe Shiba Inu cryptocurrency gained 9.8% from the $0.00002 support to trade at the $0.0000132 level. This is due to the recent recovery in crypto market. The coin price should increase another 12% under the influence of a bullish trend and sustained buying to overcome the $0.000015 neckline resistance. In an ideal conditions, this breakout could lead a bull run to the $0.000022 mark.Technical indicatorEMAs: The Shiba Inu could show sustainability above the recently reclaimed 200-day EMA and offer additional confirmation for trend reversal.advertisementADX: the ADX slope continues to move downward indicating the buying pressure is sufficient yet and thus the coin price may prolong consolidation for a few more sessions.Shiba Inu Coin Price Intraday LevelsSpot rate: $0.0000132
Resistance levels: $0.000015 and $0.000018
Support levels: $0.00002 & $0.0000105
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