The Shiba Inu (SHIB) price shows a significant upswing starting from $0.00000642 in the daily timeframe chart, which has seemingly piqued investors’ interest to purchase this dog-themed memecoin at a discounted price. A potential 6% gain might be in store if the coin’s price manages to break through significant resistance formed by a downsloping trendline. Nonetheless, the continuity of the rally remains uncertain, leaving room for speculation if the bears might seize control after selling at a higher price.
The memecoin’s price, after a bullish breakout from the $0.0000072 resistance, could potentially experience a rapid 6% increase. However, with the Shiba Inu’s intraday trading volume at $120.5 million, indicating a 68% loss, the price surge may only be temporary before the downtrend resumes. Over the past four days, the SHIB price observed a 13% growth, reaching its current trading price of $0.00000742. A sustained rally might lead to a 6% rise in prices before encountering combined resistance at $0.00000783 and the downsloping trendline.
For the past four months, the resistance trendline has acted as a barrier, impeding bullish growth in the Shiba Inu coin. As a result, a potential retest could reinforce selling momentum and prolong the prevailing downtrend. To maintain control, SHIB buyers must breach the overhead trendline with a daily candle closing above it. Following the recent price jump, the SHIB price overcame minor resistance at $0.0000072, affording buyers a stable platform for climbing the price chart. However, they face an uphill battle at the 20-day exponential moving average (EMA) slope, which has obstructed progress for over two months. Consequently, the daily chart reveals numerous resistances that may curtail sustained growth in Shiba Inu prices.
The high value of the average directional index (ADX) slope signifies instability in the ongoing downtrend, indicating the need for relief before further downfall. The 20-day and 50-day EMA slopes act as dynamic resistance against rising prices.
One should note that the presented content includes the personal opinion of the author, and market conditions are subject to change. Conduct thorough market research before investing in cryptocurrencies, as the author or the publication does not hold any responsibility for personal financial loss.
Source: Coingape
