Time to Buy Shiba Inu? Shib Forming Bullish Pattern!

The Doge killer has been killing the gains of investors recently but now the crypto looks good for a buy on the charts.

Falling Wedge Usually results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher. 

This is a riskier trade setup because the crypto is trying to go against overall trend.

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Shiba Inu Price Analysis

• Current Price: $0.0000132
• Market Cap: $7,758,857,652
• 24h Trading Volume: $238,005,125
• 24h Price Change: -1.86%
• Circulating Supply: 589,260,946,684,517 SHIB

Img src- Altfins

Price is in a Downtrend, however, it had a bullish breakout from Falling Wedge pattern, which could signal at least a temporary bullish trend reversal with +30% upside potential to $0.000020 resistance.

We wait for confirmation (price breaking above $0.000015 resistance). Stop Loss at $0.0000125.

Weekly Price Analysis

• 7-Day Price Change: -8.85%
• Week Open Price: $0.0000145
• Trend: Short-term trend is Strong Down, Medium-term trend is Strong Down and Long-term trend is Strong Down.
• Momentum: Price is neither overbought nor oversold currently .
• Support and Resistance: Nearest Support Zone is $0.000012, then $0.0000087. Nearest Resistance Zone is $0.000015, then $0.000021.

Key Indicators

• RSI: 42 (Neutral)
• MACD: Bearish (Signal line above MACD)
• Bollinger Bands: Price approaching lower band, indicating potential buying opportunity

All Time High

52-Week

Conclusion

Shiba Inu’s price is down slightly over the last week. Despite this, long-term indicators suggest the potential for future growth, especially with the upcoming development of the Shibarium ecosystem.

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Harsh Panghal

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