The crypto market has successfully managed to stagger through the banking crisis in the United States, which is slowly spreading to other parts of the world, especially Europe. Shiba Inu price remained relatively stable, with a crowd of buyers firmly anchored at $0.00001.
in addition to banking crisisIn a move that has upset many investors and regulators are blaming the crypto industry, the US Federal Reserve FOMC meeting earlier this week pledged to raise interest rates by 0.25%, enough to propel the market further. Deprived of speed.
In the last 30 days, SHIB has lost 19% of its value to trade at $0.00001061 at the time of writing. The second most popular meme coin is down 5% in seven days, although price data from CoinGecko shows a 3.2% gain in 14 days.
The market value of the Shiba Inu has remained relatively unchanged over the past 24 hours though Bitcoin and Ethereum, the two top cryptocurrencies, are down 2.3% and 3.2%, respectively. With declines across the board, the total market cap has declined by 1.5% to around $1.2 trillion.
Shiba Inu Price Wedge on Verge of Breakout
Two important levels have generally determined how Shiba Inu price has reacted to the uncertainties in the global market this week. Those are the short-term resistance at $0.00001 and the short-term support at $0.00001.
It was a sigh of relief for the bulls when the Shiba Inu halted its decline from its new 2023 high of $0.0000157 in early February. This allowed SHIB to tap the liquidity at this level and rally in the second week of March.
Although the recovery started with much vibrancy, it did not last long as the Shiba Inu barely brushed shoulders with $0.000012 – the supply zone coinciding with the 200-day Exponential Moving Average (EMA) (line in purple) Has an account.
After another minor correction, SHIB was left with no other option but to pull back and retest $0.00001. Now, the bull and the bear are engaged in a fierce tug-of-war and neither want to let go.
As a result, market indecision has surrounded the $6.3 billion crypto, which is the fifteenth largest in the market. This analysis attempts to evaluate the likelihood of Shiba Inu resuming the uptrend and climbing first to $0.000015 so that it lays the foundation for the next move to $0.00002 as part of investors’ quest to push SHIB above $0.0001 Can prepare
A falling pattern created by the Shiba Inu’s fall from high in February is on the verge of handing the reins back to the bulls. This is a trend reversal pattern that often comes into picture after a prolonged or significant pullback in an asset’s price.
The two trendlines, as shown on the daily timeframe chart, connect a series of lower highs and lows. every time Shiba Inu Tried to push out of the pattern, the bulls lost the battle, and ended up in more declines.
At the same time, the lower trend line has restrained the bearish pressure which has brought the price closer to the top of the wedge. In other words, this pattern allows for consolidation ahead of the next big move in price.
Typically, a breakout is expected before the trendline is met – and it begins with a move above the upper boundary of the wedge pattern. Traders often place limit orders slightly above the wedge with a profit potential of 42%.
Realize that price movement above the wedge pattern will be characterized by increased volatility and volume. Profit booking could turn progressive with traders looking to exit around the 200-days EMA ($0.000012) before activating new orders for risk management at $0.000014 and $0.000015 respectively.
A closer look at the Moving Average Convergence Divergence (MACD) indicator shows that the buyers have the upper hand at the moment. A buy signal is triggered when the MACD line in blue crosses over the signal line in red.
traders are waiting activate purchase order However, Shiba Inu price may want to wait for a rise above the wedge pattern and avoid a sudden risky pullback to the resistance, especially at $0.00001.
A possible move of the MACD towards the average line at 0.00 will also help to validate the bulls’ influence on the price.
Key Shiba Inu Price Levels for This Weekend – 2-hour Chart
The short term outlook for Shiba Inu is neither bearish nor bullish. However, some key levels and indicators can help traders make informed decisions.
It is important to realize that Shiba Inu price is currently in consolidation, sitting comfortably in a massive buyer congestion zone between $0.00001020 and $0.00001040.
Every time SHIB entered or touched this demand zone shown on the chart by the yellow band, it has moved up significantly since the second week of March. Therefore, a retest of the same area could be bullish for Mem Coin.
To the upside, Shiba Inu price is struggling to break down on the daily open, as shown by the POC VAH indicator. For day traders, a break above this level at $0.00001062 could attract more buyers and build momentum to combat the trendline resistance.
If the Shiba Inu price stabilizes above the dotted trendline barrier, we can optimize and prepare to see a retest of the weekly open at $0.00001092. For now, the tussle between bears and buyers is likely to continue until the status quo is disrupted.
