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SHIB Price Prediction: Shiba Inu Price Out from Long Consolidation Hints a Potential Rally

SHIB Price Prediction: On March 29th, the Shiba Inu coin price gave a bullish breakout from the long-coming resistance trendline of the daily time frame chart. This breakout signaled a switch in market sentiment from selling on rallies to buying on dips. Here’s how this breakout may influence the future price of SHIB price

Key Points:

  • A bullish breakout from the downtrend carrying a trendline indicates a sign of trend reversal.
  • A bullish divergence in the daily RSI slope indicates the rising buying pressure in the SHIB Inu coin
  • The intraday trading volume of the Shiba Inu coin is $1.8 Billion, showing a 167% gain.

Source- Tradingview

Under the influence of a downsloping trendline, the Shiba Inu price witnessed a steady correction for the past seven months. However, with increasing uncertainty in the crypto market, the coin price took a sudden side turn and maintained sustainability above $0.0000102.

After a two-week-long consolidation between the aforementioned levels, the buyers wrestled trend control and breached the overhead trendline. This bullish breakout released the trapped bullish and set the SHIB price for a significant upswing.

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So far the post-breakout rally has surged this meme coin 9.5% higher to reach the current price of $0.0000114. With sustained buying, the SHIB price will most likely breach the $0.0000115-$0.0000116 resistance zone, followed by $0.00001254.

Each of these resistance breakouts will fuel the bullish momentum to prolong the bullish recovery.

On a contrary note, if the selling pressure is near $0.0000116, the SHIB holders could witness a prolonged consolidation.

Technical indicator

Relative strength index: despite a sideways trend in price action, a steady growth in the RSI slope indicates the growth in underlying bullishness and increasing possibility for bullish recovery.

EMAs: the 200-day EMA moving near the $0.0000116 mark creates a strong resistance level.

Shiba Inu Price Intraday Levels

  • Spot price: $0.0000112
  • Trend: Bullish
  • Volatility: High
  • Resistance levels- $0.0000116 and $0.0000125
  • Support levels: $0.00001028 and $0.0000097

Read More: SHIB Price Prediction: Shiba Inu Price Out from Long Consolidation Hints a Potential Rally

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