SHIB Price Prediction: SHIB Price Colling Up for a Massive Price Movement; Is this a Good Time to Buy?

Shiba Inu

SHIB Price Prediction: For over two weeks, the Shiba Inu coin price has been trapped between two fixed levels of $0.0000116 and $0.00001020. Within this range, the coin price has shown a cluster of daily candles accentuating the ongoing uncertainty in the market. Here’s how you may find buying Shiba Inu coins despite increasing FUD in the market.

 Key Points: 

  • The Shiba Inu coin price potential breakout from either level of the range will trigger a directional price trend.
  • The 50-and-200-day EMA slope wavering near the $0.0000116 resistance indicates the buyers face tackle multiple resistance.
  • The intraday trading volume of the Shiba Inu coin is $382.6 Million, showing a 36% gain.

SHIB Price PredictionSource- Tradingview

The February month downtrend in SHIB price turned sideways as the broader market showed uncertainty among market participants. As a result, this meme-coin started resonating between the buying climax of $0.0000116 and the selling climax of $0.0000102, creating a narrow range.

Thus, potential buyers must consider the aforementioned region as a no-trading zone and for a price breakout to release the trapped momentum.

Read More: Top 10 Carbon Negative Cryptos For 2023

Therefore, a potential breakout from the $0.0000116 resistance with a daily candle closing above will accelerate the bullish momentum. The resulting rally may drive the Shiba Inu coin price to the $0.000014 mark, recording a 20% growth potential. 

On a contrary note, a breakdown below $0.0000968 will signal the resumption of the prior downtrend which may pull the price back to multi-month support of $0.0000079-0.0000075.

Technical indicator

Relative strength index: Although the price action has been moving sideways, the RSI slope rising higher reentered the bullish territory, indicating a growing bullish sentiment and a higher likelihood of a bullish recovery.

EMAs: the SHIB price moving above the midline and upper band of the Bollinger band indicator suggests the market buyers are trying to regain trend control.

Shiba Inu Price Intraday Levels

  • Spot price: $0.0000113
  • Trend: Bullish
  • Volatility: High
  • Resistance levels- $0.0000116 and $0.0000125
  • Support levels: $0.00001028 and $0.0000097

The post SHIB Price Prediction: SHIB Price Colling Up for a Massive Price Movement; Is this a Good Time to Buy? appeared first on CoinGape.

Crypto Feed:
Brian Bollinger