Shiba Inu Price Analysis: SHIB Displays Historic Bullish Pattern, Is Its Bullish Trend Coming to an End?

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The Shiba Inu price recorded a slight 24-hour gain to trade at $0.000009517 at press time as investors begin to slowly buy back into the meme coin.

The Shiba Inu Price Enters a Similar Setup

Daily chart for SHIB/USDT (Source: TradingView)

The Shiba Inu price is attempting to overcome a medium-term bearish trend line. Should it break above this level in the next 48 hours, it could look to flip the resistance level at $0.00000992 into support in the following couple of days. A sustained close above this threshold could then give the meme coin the foundation needed to continue rising in the following week. In this bullish scenario, the Shiba Inu price could break through the $0.00001070 barrier as well before possibly rising to as high as $0.00001190.

This bullish thesis may be invalidated if SHIB breaks below $0.00000875 within the next 72 hours. In this alternative scenario, the Shiba Inu price could be at risk of falling to $0.00000760 in the following couple of days.

Traders and investors will want to note that the Shiba Inu price has formed a setup that previously resulted in the meme coin’s price surging. Should history repeat itself in the coming week, SHIB may pull back to the immediate support at $0.00000875 before launching into a bullish move.

Sellers Gain Strength as Shib Looks to Enter Bullish Cycle

Technical indicators on the altcoin’s daily chart are currently contradicting each other. The Relative Strength Index (RSI) is flagging bearish as the RSI looks to cross below its Simple Moving Average (SMA) line. These two technical indicators intersecting in the next 24 hours will signal that sellers have gained an upper hand against buyers. Despite this, the Moving Average Convergence Divergence (MACD) indicator shows that the Shiba Inu price is looking to enter into a bullish move.

Currently, the MACD line is rising towards the MACD Signal line. The MACD line crossing above the MACD Signal line within the next couple of days, coupled with a daily candle close above $0.00000992, may signal that SHIB’s bearish cycle has reached its end.

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Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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