SHIB Technical Analysis: Entering the Robinhood Menu, Shib Jumps 15%
Key technical points:
Past Performance of SHIB
SHIB coin price action formed a symmetrical triangle with a relatively more robust resistance trendline, as mentioned in our previous article. The sudden reversal from the support trendline with increased trading volume surpasses the stronger resistance trendline with a 36% inflation. The increased buying comes with the news of Shiba Inu getting listed on the Robinhood platform, confirmed by the Robinhood social media team on Twitter.
Source-Tradingview
SHIB Technical Analysis
The SHIB coin price retracts under the triangle pattern as the buying pressure cools down. Hence, the coin prices struggle to sustain the uptrend above the resistance trendline resulting in a long-wick formation. So, if the buying pressure lightens, a bearish reversal to the support trendline is possible.
The crucial daily EMAs maintain the sideways trend, with the 50 and 200-day EMA proposing the death cross possibility. However, the price surpassing all the crucial EMAs within a day presents a new bullish crossover possibility.
RSI Indicator: The RSI slope spikes into the nearly overbought zone, and the 14-day average line after the downtrend reaches the 40% mark. Therefore, the RSI line ending the previous downtrend marks a bullish milestone.
MACD Indicator: The fast line shows a bullish reversal from the zero line, increasing the chances of a bullish crossover. Thus, the MACD indicator projects a potential bullish reversal possibility.
In a nutshell, the SHIB technical analysis highlights the bullish reversal possibility with a triangle breakout.
Upcoming Trend
The SHIB/USD daily chart shows a phenomenal growth in buying pressure resulting in a bullish reversal and increasing the triangle breakout possibility. Hence, traders can find buying opportunities at the market price with an uptrend potential of 25% to the $0.00003275 mark.
Support Levels: $0.00002150 and $0.00001850
Resistance Levels: $0.00002850 and $0.00003275
