SHIB Price Analysis: Shiba Inu Price Coiling Up for a Quick Upswing Move of 8%; Buy Today?

19.05.2023

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SHIB Price Analysis: While the broader market sentiment fails to determine the current dominant force between buyers and sellers, the Shiba Inu price suffers from uncertainty and continues its sideways trend. However, as mentioned in our previous article, the coin price is confined within two converging trend lines and shows the formation of a symmetrical triangle pattern. Here’s how interested traders may use this setup to grab an entry opportunity.

Key Points:

In theory, the symmetrical triangle is a continuation pattern favoring price extension of the prior trend which is Shiba inu case is bearish
The final decision-making on this triangle pattern depends on which side the prices give their breakout.
The intraday trading volume of the Shiba Inu coin is $81.7 Million, showing a 19% loss.

Source- Tradingview

For nearly a fortnight, the Shiba Inu price has been wobbling within the triangle pattern accentuating the indecisiveness in the market. The coin price bounced off several times from the pattern’s converging trendline, indicating the traders strictly respond to this setup.

By the press time, the SHIB price trades at $0.00000872 with an intraday gain of 0.23%. Furthermore, the prices have nearly reached the peak of the triangle, suggesting the breakout point is near.

Also Read: Top 10 New Meme Coins With The Best Potential In 2023

A bearish breakdown from this trendline will resume the prior downfall and plunge the prices by 8% to reach the psychological support of $0.000008.

On a contrary note, a breakout above the overhead trendline with a 4-hour candle closing will recuperate the bullish momentum and hint at a trend reversal. The potential rally could surge the price by 8-10% to hit the $0.00000966 mark.

Technical indicator

Relative Strength Index: Despite a sideways price action, the 4-hour chart RSI slope rising reflects the underlying buying pressure in the market rising indicating a higher possibility of a triangle upside breakout.

Bollinger Band: The BB indicator range is also squeezed significantly and thus a breakout trade will offer high momentum trading for market participants.