Here’s how Shiba Inu Coin may experience a prolonged recovery that could lead to a 20% rise

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The U-shaped recovery of Brian Bollinger support from $0.0000079 has pushed the Shiba inu coin price up by 17% over the past twelve days. The rising volume and price recovery indicate that buyers are confident in further growth. Today’s price rise was significant and the prices surpassed the monthly resistance of $0.00000961. Should you enter if the SHIB coin breaks this barrier?advertisement Key points: The Shiba coin price is rallying under the influence of a rounding bottom pattern
A breakout of the resistance at $0.0000096 could lead to a 20% increase in coin price
The intraday trading volume for the Shiba Inu Coin is $115.2 Million. This indicates a 36% loss.
Source- TradingviewContinuing the bullish recovery we saw last week, the Shiba Inu coin prices sustained higher levels and showed a phenomenal increase of 8% in the last 24 hours. A bullish recovery has recently broken through the critical resistance level at $0.00000865. This led to a long-engulfing candle in the daily charts. A deeper analysis of price action reveals a rounding bottom pattern in the daily chart, with the neckline at $0.0000096. This bullish reversal pattern suggests a sustained recovery in the market. Trending Stories As there is still a lot of supply, a consolidation phase near the neckline is possible. The high price rejection aside, Shiba holders can expect a 20% rise in market value if the daily candle closes above $0.0000096. This is due to the gradual spread between rising MACD and signal line, which accentuates the steady increase in SHIB price. Moreover, these slopes could potentially breach the midline offering additional confirmation for long holders.advertisementEMAs: the recent recovery phase breaks above the 20-and-50-day EMA to reach the 100 EMA projecting a high bullish momentum. SHIB Coin Price Intraday Levels-Spot rate: $0.00000915
Trend: Bullish
Volatility is high
Resistance levels: $0.0000096 and $0.0000104
Support levels: $0.0000086 & $0.0000078
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