Here’s Why Shiba Coin Sees a 10% Jump in the Near Future
The recent crypto market sell-off saw the Shiba Inu price attempt to escape the consolidation that was ongoing with the collapse of $0.0000082 support. The buyers defended the range support and reverted immediately the price higher. The ongoing consolidation phase will likely continue for a few more trading session due to signs of reversal from support.
Analysis of the Shiba Inu Coin: Key Points
With a morning star candle pattern, the Shiba Inu coin’s price rose to $0.0000082 from $0.0000082. This pattern makes it seem like there has been some recovery and undermines the previous downfall.
Bullish reversals encourage buyers to rally 10% to reach the $0.0000096 price mark.
The intraday trading volume for the Shiba Inu coin was $204 Million. This indicates a 13.5% loss.
The support of $0.0000082 helped the Shiba Inu’s previous downfall to halt during the last recovery cycle in crypto market. This memecoin went sideways, creating a rectangle range of $0.00000966 to $0.0000084.
A consolation phase in a trend is usually a brief break before the price returns to its prevailing path. Both the range and the coin price have been tested several times. This indicates that traders are reacting.
Due to the recent sell-offs in the crypto market, the price plummeted back to the $0.0000082 support. The Shibburn community, however, burned 1,500,000 SHIB tokens in a single transaction on December 17th. This reduced a large portion of the total supply.
This burn activity must have triggered the 7% jump today, rebounding SHIB’s price from $0.0000082 support. A bullish reversal of this support would set the coin’s price at another 10%, as it rises to overhead resistance.
The Shiba Inu coin will likely continue its consolidation phase for a few trading sessions.
However, a price breakout from any level of the range will cause a direction rally in SHIB. Buyers can reach the $0.0000105 mark with a bullish breakout of the resistance level at $0.00000966.
A break of the $0.0000082 support will prolong it to $0.0000075 support.
Relative strength index (RSI): In the midst of sideways price action the daily-RSI slope falling below the neutral line indicated that sellers have an upper hand. This increases the likelihood of a $0.0000082 break.
EMAs: The 20- and 50-day EAMs offer dynamic resistance against Shiba Inu coin prices, trying to limit bullish growth.
Resistance levels: $0.0000096 and $0.0000105
Support levels: $0.0000082 & $0.0000075
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