Shiba Inu Price at Critical Crossroads; Is it Time to Buy or Sell?
Shiba Inu Coin has been trending sideways for the past three weeks as FUD increases in the cryptocurrency market. The accumulation of candles in this consolidation demonstrates uncertainty and unclear trends among market participants.
However, on the daily chart, this sideways trend forms a symmetrical triangular pattern. Therefore, this pattern can provide an entry point for traders.
- Price action in SHIB is in a triangular pattern indicating a pause.
- An upward breakout is possible if the lower trendline support is broken.
- The RSI slope indicates bullish momentum despite technical obstacles.
- Recent market correction slowed down SHIB momentum due to the DOGE association.
- Due to its high volatility, SHIB requires patience and a long-term perspective.
A symmetrical triangle pattern occurs when the price of an asset forms a series of highs and lows, creating a triangular shape on the price chart. In theory, a symmetrical triangle pattern is a continuation pattern. This usually indicates a pause in the current trend before the asset continues to move in the same direction as before.
Therefore, the current SHIB price will likely continue its general plunge after the lower trendline support breaks. A possible break below the trendline will see memecoins fall 10% to $0.0000096.
Anyway, the final decision of this pattern will be revealed after a possible breakout action from one of the trend lines.
So an upward breakout from this pattern is less likely but still possible. When the daily candlestick closes above the overhead trendline, the accumulated buying pressure will be released, and the price will climb his 10% to reach $0.00001175.
Relative Strength Index (RSI) – Unlike bearish price action, the rising daily RSI slope suggests an increase in underlying bullish momentum, making it more likely that the resistance trendline will be crossed.
The accumulated daily EMAs (20, 50, 100, and 200) above the SHIB price suggest that buyers may face some hurdles on the way up.
The Shiba Inu price has been on an upward trajectory since the start of the year, driven by the growing popularity of meme coins and the overall bullish sentiment in the cryptocurrency market. The cryptocurrency has gained much attention due to its association with Dogecoin (DOGE).
SHIB was created as an alternative to Dogecoin and has gained much traction among the cryptocurrency community. The cryptocurrency has been listed on several major exchanges and has attracted much interest from traders and investors. However, the recent market correction has also affected SHIB, and the cryptocurrency has struggled to maintain its upward momentum.
The current make-or-break situation for the Shiba Inu price has left many investors wondering whether this is an excellent time to enter the market.
The answer to this question depends on several factors, including the investor’s risk tolerance and investment strategy.
For those looking to invest in SHIB, it is essential to remember that cryptocurrency is still a highly volatile asset. The price of SHIB has seen massive fluctuations in the past, and investors need to be prepared for the possibility of significant price swings. Investing in SHIB requires a lot of patience and a long-term perspective.