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Vikram
Apr 11, 2022
by Vikram

SHIB Technical Analysis: Triangle Holds The Fate of Memecoin

SHIB
SHIB coin price action reflects a symmetrical triangle pattern that confines the volatile movements on either side. So, where will the triangle lead buyers?

Key technical points:

  • The memecoin price deflates 40% within the triangle.

  • The SHIB price falls under the $0.000025 mark.

  • Finally, the 24-hour trading volume of Shiba Inu is $631.70 Million, marking a 20% rise.

    • Past Performance of SHIB

    SHIB prices fell by 40% in a little more than three months within the symmetrical triangle pattern with a relatively more robust resistance trendline. The recent rejection from the resistance trendline undermines the 100-day EMA breakout with higher price rejection evident by the long-wick formations. Currently, the price consolidates close to the resistance trendline below the $0.000025 mark, projecting a halt in the downtrend.

    TradingView Chart

    SHIB Technical Analysis 

    SHIB token price reflected from the $0.000027 mark to the $0.00002365 level marking an early halt in the downtrend. However, the resistance confluence of the descending trendline and the merged EMAs reflect a significant inflow of supply growing to slide the prices to $0.000022.

    The crucial daily EMAs in the Shiba Inu price chart showcase a sideways trend after the recent death cross, delaying the 100-day EMA fall to gain the bearish alignment. However, the price trading below the 200-day EMA gives a bearish vibe.

    RSI Indicator: The downfall in the RSI value continues and slides under the 50% line with the lower low formation in the daily chart. Hence, the bearish trend in RSI with no significant divergence reflects a high downtrend continuation possibility.

    MACD Indicator: The MACD and signal lines reach the zero line with the increasing intensity of bearish histograms. Hence, the downtrend fast and slow lines project a price fall to the $0.000022 mark.

    In a nutshell, the SHIB technical analysis emphasizes the bearish trend possibility within the triangle.

    Upcoming Trend 

    SHIB coin price action forms a crucial symmetrical triangle pattern, projecting a high-momentum breakout rally on either side. However, the reversal trend hints at a fall to the $0.000022 mark. 

    Support Levels: $0.000022 and $0.000020

    Resistance Levels: $0.000025 and $0.000028

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    Shiba-Inu SHI
    SHIB Technical Analysis: Triangle Holds The Fate of Memecoin
    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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