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    Home » Price Analysis » Shiba Inu’s Consolidation Likely to End Soon By a Huge Breakout (SHIB Price Analysis)

    Shiba Inu’s Consolidation Likely to End Soon By a Huge Breakout (SHIB Price Analysis)

    Author: Duo Nine

    Last Updated Jun 5, 2022 @ 13:51

    Over the past bearish weeks, Shiba Inu has formed a large descending triangle, and the price is approaching its apex. The next direction for Shiba Inu’s SHIB will be decided once a breakout occurs.

    Key Support level: $0.000010, $0.000008

    Key Resistance level: $0.000011, $0.000014

    With the key support at $0.000010, SHIB’s price will approach a critical point. The descending triangle – marked blue on the following chart – is only days away from reaching its apex. This pattern is textbook bearish (70% breakout to the downside), however, a bullish breakout is also something to keep in mind.

    SHIB will likely surpass the key resistance at $0.000011 and target higher if broken above.

    SHIBUSDT_2022-06-05_13-29-07
    Chart by TradingView

    Technical Indicators

    Trading Volume: The trading volume is almost nonexistent right now, mainly because of the weekend.

    RSI: The daily RSI failed to move above 50 points and is currently making lower highs. This is somewhat bearish.

    MACD: The daily MACD remains bullish, but the histogram mirrors the volume with lower highs.

    SHIBUSDT_2022-06-05_13-29-21
    Chart by TradingView

    Bias

    The bias on SHIB is neutral, and a break of this triangle is needed in order to change this bias.

    Short-Term Prediction for SHIB Price

    With most of the market being flat, whereas Bitcoin consolidates between $28-30K, it is expected that SHIB will consolidate until the anticipated triangle’s breakout.

    The mentioned-above indicators also provide mixed signals, so it is best to prepare for the worst outcome or breakout and hope for a positive breakout if you’re a SHIB holder.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Shiba Inu (SHIB)
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    About The Author

    Duo Nine
    More posts by this author

    Duo Nine is a seasoned cryptocurrency technical analyst with over five years of experience in price action trading. After buying his first Bitcoin in 2014, Duo never left the blockchain ecosystem. You will find him posting charts most of the time and hanging out on his Discord crypto community. Contact: Twitter

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