Amid the current market uncertainty, Shiba Inu price is facing aggressive selling pressure from a downsloping resistance trendline. This dynamic trendline continues to pressure buyers, restricting the SHIB coin’s price spread in a narrow range. However, on the 4-hour time frame chart, the price has shown a decisive breakout from this trendline, possibly indicating an early sign of price recovery. The question remains – can this memecoin restore its bullish momentum?
The recent resistance trendline breakout sets the Shiba Inu price for a potential 14% rise, but this rally may face a significant obstacle at the $0.00000917 mark. The intraday trading volume of the Shiba Inu coin is $81.7 million, exhibiting a 19% loss.
With an intraday gain of 3%, the Shiba Inu price is experiencing a massive breakout from a two-week-long resistance trendline. This development could provide buyers with a strong foothold to climb to higher levels and initiate a new recovery cycle.
Currently, the SHIB price trades at $0.00000877, and if it maintains its position above the breached trendline, the coin can increase by 4.5% to hit the $0.00000916 immediate resistance. This level will pose a significant challenge for coin buyers, as it may extend a sideways trend in Shiba Inu.
A potential breakout above the $0.00000916 ceiling could intensify buying momentum, potentially raising the memecoin another 7-9% to reach $0.00000977 or $0.00001, respectively.
The technical analysis for Shiba Inu reveals the following indicators:
– Relative Strength Index: The rising RSI slope on the 4-hour chart suggests that underlying buying pressure in the Shiba Inu price is increasing, supporting potential growth.
– Exponential Moving Average: The 20-and-50-day EMAs reclaimed by the recent price surge may offer additional confirmation for a price rally.
As the Shiba Inu price currently stands at $0.0000087, it would need a 14% rise to reach $0.00001. The trendline breakout may gradually help buyers achieve this milestone, but the market’s negative sentiment could delay it beyond May. Additionally, traders should remain cautious of the mid-resistance at $0.00000916.
It is essential to remember that the presented content may include the personal opinion of the author and is subject to market conditions. Conduct thorough market research before investing in cryptocurrencies, as the author or the publication does not assume any responsibility for personal financial losses.
Source: Coingape
