SHIBA Price Analysis: Shiba Inu (SHIBA) Prints Potential Triple Bottom

Republished By Plato

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SHIB price rises nearly 20% the last 24 hours
SHIB Price has potentially formed a triple bottom
SHIB continues to reject off 50 MA

SHIB Price Today

Shiba Inu experienced mind blowing gains early this year as it rose 1000s of percent. Although, SHIB price fell victim to market trends and has since fallen over -70% from highs. BTC must find its footing above 35k for SHIB to be clear to start a new uptrend back to old highs. SHIB price often follows DOGE which has shown some potential signs that a revival is occurring.

While looking at all three of SHIB’s lows, we can see a potential triple bottom has formed. This is a bullish indication and can signal SHIB’s bottom is in for some time. SHIB price must hold its current support level of $0.00000640 to be in position to continue revival. If bulls fail to hold price above this mark, SHIB will be in for a fall to its major support zone of $0.00000552 – $0.00000575. Anything below this zone is a super bearish scenario as SHIB price hasn’t been that low on the Binance chart.

SHIB Price Analysis: SHIB/USDT 4 Hour Chart

Throughout the last 3 weeks, SHIB price has formed a descending channel formation. Price has respected both sides of the channel very well as SHIB just experienced a rejection off the top trend line today. SHIB must break over this top trend line along with the 50 MA as it has been holding price down for over two weeks. Bulls will then have to battle out minor resistance of $0.00000675 to be free for a larger uptrend to take place.

The RSI has just broken over a 3 week long trend line with much strength. As long as strength continues to stay over the 50 value, SHIB price will likely rise higher. The Stochastic RSI is currently in overbought territory. This must continue or SHIB will have a short term pullback.

SHIB Price Intraday levels

Spot rate: $0.00000638
Trend: Bearish
Volatility: Medium
Support: $0.00000633
Resistance: $0.00000675

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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