This Trendline Breakout Sets Shiba inu Coin for A 15% Jump
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Brian Bollinger In response rising buying pressure in crypto markets and high accumulation from whales the Shiba Inu price bounced from $0.0000083 resistance with a tweezer top candle pattern. This provides an entry opportunity for sideline buyers. This bullish reversal also surpasses the immediate resistance at $0.00000888 and downsloped trendline, providing an entry opportunity for sideline investors.
Bullish breakouts from the resistance trendline offer buyers greater chances to prolong the recovery.
The intraday trading volume for the Shiba Inu Coin is $168.7 million, which indicates a 14.5% loss.
Recently, the World Economic Forum offered the Shiba Inu team to join their metaverse (MV), global policy. The SHIB price is very low, but this news attracted many retail buyers and whales to purchase this coin. Source: TradingviewThe Shiba Inu price has twice rebounded from $0.00000830 support over the past two weeks, indicating that buyers are actively protecting this level. The SHIB price rose 10% over the past two days thanks to sustained buying in crypto markets. This is a strong breakout of the downsloping trendline. The current price of the memecoin is $0.00000889. It is trying to retest the breached support as potential support. If buyers can sustain above the falling trendline, prices could rise 17% to $0.0000105. Conversely, a 4-hour time candle closing below $0.0000088 will offset the bullish thesis.Technical indicatorRelative strength index: The 4-hour chart shows that the RSI slope rose above the neutral line, indicating the market sentiment is turning bullish on a short-term scale.advertisementEMAs: the recently reclaimed 20 EMA slope offers suitable support for the SHIB price in the ongoing retest phase.Shiba Inu coin intraday price levelsSpot price: $0.00000889
Resistance level: $0.00000951 and 0.0000136
Support levels: $0.0000088 & $0.00000830
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