Here’s Why The Shiba Inu Coin Sees A 10% Jump In The Near Future

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During the recent sell-off in the crypto market, Shiba Inu coin price attempted to escape the ongoing consolidation with the break of support at $0.0000082. However, buyers actively defended this range support and immediately drove the price higher. Additionally, with signs of support reversing, the ongoing consolidation phase is likely to extend for a few more trading sessions.

Key Points of Shiba Inu Coin Analysis Shiba Inu coin price rebounded from $0.0000082 with a morning star candle pattern. This pattern undermines the earlier downfall and creates a sense of recovery. The bullish reversal encourages the buyers for a 10% price increase to reach the $0.0000096 mark. The intraday trading volume of the Shiba Inu coin is $204 million, indicating a loss of 13.5%.

Source – Tradingview

Amid the latest recovery cycle in the crypto market, Shiba Inu coin price blocked its previous fall with the support of $0.0000082. As a result, this memecoin flipped and created a rectangular range between $0.00000966 and $0.0000084.

This consolation phase in an established trend usually signals a short period of pause before price continues on the dominant path. The coin price has repeatedly tested the aforementioned level of the range, indicating that traders are reacting to this pattern.

Moreover, with the recent sell-off in the crypto market, the price fell back to the lower support of $0.0000082. However, on December 17, the Shibburn community burned a total of 1,500,000 SHIB tokens in a single transaction, reducing a significant portion of the total supply.

This recent burning activity is set to trigger the 7% jump today, bouncing SHIB price off the $0.0000082 support. A bullish reversal from this support set the price of the coin another 10% as it rallies back to the overhead resistance.

Thus, the Shiba Inu coin is likely to continue its consolidation phase for a few more trading sessions.

That said, the breakout in price from either range level will trigger a rally in directions in SHIB. A bullish break of the $0.00000966 resistance mat helps the buyers to reach the $0.0000105 mark.

Conversely, a breakdown of the $0.0000082 support will extend the previous drop to a support of $0.0000075.

Technical indicator

Relative Strength Index: Amid sideways price action, the daily slope of the RSI hovering below the neutral line indicates that the sellers have the upper hand, which also increases the risk of a breakout of $0.0000082.

EMA: The 20- and 50-day EAMs provide dynamic resistance to Shiba Inu coin price, trying to limit upside growth.

Resistance levels – $0.0000096 and $0.0000105 Support levels: $0.0000082 and $0.0000075

For the last 5 years, I have been working in journalism. I have been following Blockchain & Cryptocurrency for 3 years. I’ve written on a variety of different topics including fashion, beauty, entertainment, and finance. contact me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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