Shiba Inu Could Be Bearish, But This Pattern Suggests Otherwise
April 24 2022 - 5:04PM
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Shiba Inu had picked up momentum just a week back when it soared by
35% following the news of the Robinhood listing. The broader market
currently exhibits weakness as Bitcoin continues to struggle
beneath the $40,000 mark. Ethereum also was priced at $2900 at
press time. The king altcoin was rejected from the $3000 level over
the past trading sessions. The meme-coin is consolidating at the
moment. SHIB has been sandwiched between $0.00003000 and
$0.00002000 respectively. Buying strength subsequently has been
adversely affected owing to the consolidation. In the last 24
hours, Shiba Inu lost 3% of its value and over the past week, it
depreciated by 7%. The global cryptocurrency market cap was at
$1.93 Trillion with a fall of 1.4% in the past 24 hours. Shiba Inu
Price Analysis: One-Day Chart Shiba Inu was priced at $0.00002369
at the time of writing. Prices had been moving sideways for a
considerable period of time. Buyers have decided to steer clear of
the meme-coin as the short-term reading depicts bearishness on the
charts. The coin, however, flashes a bullish pattern on the one-day
chart. The above chart displayed the “Adam” and “Eve” pattern
continuously for the 109th day and it continues to exhibit the
same. This technical formation is considered to be bullish. The two
distinctive valleys that have formed on the charts are referred to
as Adam (Triangle) and Eve (Semi-Circle). At $0.00003289, SHIB is
expected to experience a break-out and then aim for $0.00004436 and
that would mean a 60% hike from the current price level. If Shiba
Inu falls in value further, the nearest support line stands at
$0.00002068. Suggested Reading | Metaverse Madness: Watch These 3
Metaverse Coins – The Sandbox (SAND), Shiba Inu (SHIB), Pac-Man
Frog (PAC) Technical Analysis: Four Hour Chart Consistent
consolidation has left buyers in a dilemma, whether to HODL or not.
As seen in the above chart, buying strength has considerably fallen
over the past week. Over the next trading sessions, SHIB could
breach its present price level and fall to the next price floor. On
the Relative Strength Index, SHIB was seen below the 40-mark which
would soon touch the oversold territory. Upon touching the oversold
mark, SHIB could fall further. Chaikin Money Flow that determines
capital outflow, has suggested that inflows were lesser than
outflows. SHIB’s prices were settled below the 20-SMA line since
the past week and was the same at press time. This determined that
sellers had control over the market and they were in charge of the
price momentum. The above reading also confirmed the bearishness in
the market. Awesome Oscillator suggests the current price momentum
of the coin. AO displayed red histograms underneath the half-line
and that meant that SHIB was in negative price action. A resurgence
of buyers could immediately help SHIB get out of the price
consolidation. Suggested Reading | Move Over Bitcoin – Is Shiba Inu
The Next Crypto Gold?
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