2023-4-15 22:00 |
The Shiba Inu (SHIB) price is approaching the resistance line of a bullish short-term pattern. A breakout could follow soon.
Shiba Inu is the governance token of the Shiba ecosystem. It is an ERC-20 token. When looking at the six-hour timeframe, it seems likely that the price of the SHIB token will experience a breakout and continue its upward trend. This is due to the formation of an ascending triangle pattern, which is generally considered a bullish signal.
The Shiba Inu coin price bounced at the patterns support line on April 12, creating a long lower wick. This is considered a sign of buying pressure. If the price closes above the resistance level of $0.0000115, it will confirm the breakout and a potential upward movement that could take it to $0.0000134. This could potentially occur in the next 24 hours.
The target is found by the 0.618 Fib retracement resistance level and by projecting the triangle’s height to the breakout level.
However, if the Shiba Inu price falls below the ascending support line, it would invalidate the bullish outlook for SHIB’s price, potentially causing it to drop to $0.0000077.
SHIB/USDT Daily Chart. Source: TradingView Shiba Inu (SHIB) Price Regains MomentumThe technical analysis from the daily time frame aligns with the readings from the six-hour one. The price broke out from a descending resistance line on March 17 and validated it as support ten days later. Even though the price has struggled to initiate an upward movement, it is attempting to break out from the $0.0000115 resistance area. Since resistances weaken each time they are touched, an eventual breakout is expected.
Moreover, the price of Shiba created a long lower wick on April 12, a sign of buying pressure. Finally, the daily RSI has moved above 50, another sign of a bullish trend.
As a result, a breakout from the $0.0000115 area and an increase to $0.0000135 is the most likely future price outlook.
SHIB/USDT Six-Hour Chart. Source: TradingViewTo conclude, the most likely SHIB price forecast is a breakout and increase to $0.0000135. A close below the short-term ascending support line would invalidate this bullish outlook. In that case, the SHIB price could drop to $0.0000077.
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The post Is Shiba Inu (SHIB) Set to Soar or Sink in Price? appeared first on BeInCrypto.
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