Amid increased price volatility in the crypto market, top projects have recorded a significant uptrend with some altcoins recording double-digit gains. However, the Shiba Inu price has repeatedly faced rejection at its resistance level of the trend pattern.
Notably, it has repeatedly faced 6 rejections over the past 20 days. Will the memecoin break out of its resistance level and rally toward the $0.000030 mark or will the price consolidate during the upcoming time?
Despite the BTC price stabilizing above the $67,000 level, the Shiba Inu price has dropped ~5% in the past day with a trading volume of $415.091 million, a change of (-)35.20%.
Furthermore, it has formed a symmetric triangle pattern in the 1D time frame and has continued trading within it since August. Positively, the memecoin is hovering close to its resistance trendline of the trend pattern, suggesting a high possibility of a breakout.
The EMA 50/200-day has recorded an increase in the bullish sentiment. With a high possibility of a Golden Cross in the 1D time frame, the SHIB price hints at a bullish reversal during the coming time.
However, the MACD indicator has displayed a neutral price action with its averages showing a constant flatline in the price chart. This suggests a mixed-price sentiment for the SHIB meme coin this week.
Suppose, a bullish break out is recorded, this could result in the SHIB coin price retesting its resistance level of $0.00002350. Moreover, if the bullish sentiment sustains, this could potentially push the price of Shiba Inu toward its upper resistance level of $0.000030.
On the negative side, if the bears gain traction, this memecoin will retest its immediate support level of $0.0000170. Moreover, if the bears continue to dominate the cryptocurrency market, the price could plunge toward its support level of the triangle pattern.
To understand the long-term price prospects of the 2nd largest meme coin by market cap, Read our Shiba Inu (SHIB) Price Prediction 2024 – 2030!
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