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July 18, 2024
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3 Reasons Why Shiba Inu (SHIB) Price is All Set to Explode and Reverse the Bearish Spell

The post 3 Reasons Why Shiba Inu (SHIB) Price is All Set to Explode and Reverse the Bearish Spell appeared first on Coinpedia Fintech News

Shiba Inu has witnessed a decline in price after a prolonged period of upward movement, surprising many who believed it would continue to rise. In a new video by YouTuber Clay Bro, the analyst explains three reasons why Shiba Inu may be on the verge of a massive rally. At the time of writing, Shiba Inu is trading at the $0.00000851 level. The coin has declined by more than 20 percent in the last 30 days.

Symmetrical Triangle pattern:

The weekly timeframe chart reveals the formation of a symmetrical triangle pattern that has existed for nearly a year. This pattern shows the convergence of trend lines, guiding the current sideways trend. Despite a recent correction phase, the coin’s price has fallen back to the pattern’s support, suggesting the potential for a bullish scenario. If the ascending trend line recovers bullish momentum, it could drive the price to a substantial increase of over 50% from its current level.

Accumulation at key support area:

He said, “Right around this 800 Point per coin mark is a huge key support which we are accumulating at. By the press time, Shiba Inu coin’s price was trading at 865 points and shows a short-term consolidation phase above the long-term support trend line.”

According to him, sellers have repeatedly failed to push the price below this support line, reflecting aggressive accumulation. Such a breakout would signal the start of a new bullish cycle within the pattern.

Bullish momentum indicator:

He said that the Relative Strength Index (RSI) has turned bullish on the weekly chart for Shiba Inu. Despite a series of lower highs, the RSI slope has shown a clear rise, indicating increasing buying pressure during the sideways trend. This bullish divergence enhances the possibility of a reversal and an upside breakout from the triangle pattern.

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