Will Shiba Inu Dodge This Bear Attack?
The post Will Shiba Inu Dodge This Bear Attack? appeared on BitcoinEthereumNews.com. The meme coins face higher than usual, with the overall market on the backfoot with increased selling pressure. Keeping the bullish trend under check, the sudden attack delays a wedge breakout rally in the SHIB price chart. However, buyers restrain deep correction and avoid a bearish breakdown to keep the wedge pattern intact. High breakout anticipations with a new positive cycle support the bullish Shiba Inu price predictions. Under constant bearish pressure, SHIB price action forms multiple lower high peaks. Moreover, the 50-day EMA provides a dynamic ceiling to keep the bullish growth in check. The intense overhead selling pressure reveals a descending trendline. The descending trendlines on the daily chart formed with lower lows complete the falling wedge pattern. Shiba Inu showcases high inflow at the overhead trendline, leading to multiple negative cycles within the wedge. However, buyers interested at lower levels step in to increase demand for the meme coin as the wider market recovers. Currently, the SHIB price trade at $0.000000673 with a sharp intraday reversal leading to a long tail formation from the support trendline. With such a sharp reversal, the possibility of a price jump increases rapidly. Technical indicators: RSI indicator: The daily RSI line displays a strong bullish divergence in the daily chart, increasing the upcycle chances. Therefore, the momentum indicator teases a bullish breakout. Exponential Moving Averages: The 50-day exponential moving average (EMA) is on a declining trend and provides multiple contact resistance. Will SHIB Price Rise Again? If buyers can reclaim trend momentum, the SHIB price may soon initiate a new bullish cycle within the falling wedge. This upward trend will likely hit the resistance level near $0.00000715 soon. On the bright side, the current positive trend could lead to a big increase in price, up to $0.00000851. On the other hand,…
The post Will Shiba Inu Dodge This Bear Attack? appeared on BitcoinEthereumNews.com.
The meme coins face higher than usual, with the overall market on the backfoot with increased selling pressure. Keeping the bullish trend under check, the sudden attack delays a wedge breakout rally in the SHIB price chart. However, buyers restrain deep correction and avoid a bearish breakdown to keep the wedge pattern intact. High breakout anticipations with a new positive cycle support the bullish Shiba Inu price predictions. Under constant bearish pressure, SHIB price action forms multiple lower high peaks. Moreover, the 50-day EMA provides a dynamic ceiling to keep the bullish growth in check. The intense overhead selling pressure reveals a descending trendline. The descending trendlines on the daily chart formed with lower lows complete the falling wedge pattern. Shiba Inu showcases high inflow at the overhead trendline, leading to multiple negative cycles within the wedge. However, buyers interested at lower levels step in to increase demand for the meme coin as the wider market recovers. Currently, the SHIB price trade at $0.000000673 with a sharp intraday reversal leading to a long tail formation from the support trendline. With such a sharp reversal, the possibility of a price jump increases rapidly. Technical indicators: RSI indicator: The daily RSI line displays a strong bullish divergence in the daily chart, increasing the upcycle chances. Therefore, the momentum indicator teases a bullish breakout. Exponential Moving Averages: The 50-day exponential moving average (EMA) is on a declining trend and provides multiple contact resistance. Will SHIB Price Rise Again? If buyers can reclaim trend momentum, the SHIB price may soon initiate a new bullish cycle within the falling wedge. This upward trend will likely hit the resistance level near $0.00000715 soon. On the bright side, the current positive trend could lead to a big increase in price, up to $0.00000851. On the other hand,…
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