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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
Trend: Bullish
Medium Volatility
Resistance levels: $0.000015 and $0.000018
Support levels: $0.00002 & $0.0000105
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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.