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Vikram
Mar 30, 2022
by Vikram

SHIB Technical Analysis: Trendline Breakout Teases 25% Jump

SHIB
SHIB coin prices surpassed a descending trendline with a price jump of 25% last fortnight. Will the bull run continue to reach the $0.00003215 mark?

Key technical points:

  • SHIB prices have inflated 25% in the last two weeks.

  • The memecoin prices sustain above the 100-day EMA.

  • Finally, the 24-hour trading volume of SHIB is $1.825 Million, marking a 51% fall.

    • Past Performance of SHIB

    SHIB coin prices fell 20% within ten days after the rejection from the 50-day EMA in early March. However, the buyers cushion the fall at $0.00002150 and reignite the bullish trend resulting in a 25% price jump within two weeks. The bullish rally surpasses the descending trendline and shows a retest indicating a potential bullish reversal. 

    TradingView Chart

    SHIB Technical Analysis 

    SHIB prices show a higher price rejection in the breakout candles resulting in the trendline retest. However, the retest candle shows a long-tail formation indicating a bullish reversal shortly.

    The recent reversal shows a reversal in the 50-day EMA, helping avoid the death cross with the 200-day EMA. The prices surpass the 100-day EMA indicating a jump in underlying bullishness. Moreover, the 50-day EMA shows a high possibility of a bullish crossover with the 100-day EMA.

    RSI Indicator: The RSI slope continues the uptrend but shows a rounding reversal as the prices retest the trendline breakout. Furthermore, the 14-day average shows a parabolic reversal crossing above the halfway mark, reflecting a surge in underlying bullishness.

    In a nutshell, the SHIB technical analysis spotlights the trendline retest as an excellent entry point for buyers with the uptrend potential to cross the $0.000030 mark.

    Upcoming Trend 

    The SHIB prices show lower price rejection in the retest candle from the resistance trendline, reflecting buyers regaining control to push the prices higher. Moreover, the increasing possibility of 50 and 100-day EMA bullish crossover with increasing prices reflects growth in buying pressure. Hence, the breakout rally is highly likely to reach the $0.000032 mark.

    Support Levels: $0.00002550 and $0.00002150

    Resistance Levels: $0.000030 and $0.000032

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    SHIB Technical Analysis: Trendline Breakout Teases 25% Jump
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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