According to technical analysis provided by Bitrue exchange, Shiba Inu may be forming a tight bull pennant for possible breakout followed by parabolic upside moves. ‘’Nearest target will be $0.00002050, although with parabolic moves price could breach any resistances as long as buying momentum persist’’. A bull pennant is a continuation pattern marked by a period of consolidation or slight dip before the next upside move. At the time of publication, Shiba Inu was trading down 7% at $0.000015, however, remains 15% weekly. William Volk stated that due to a higher-than-expected number of players, the team had to increase the capacity of gameplay servers 50-fold indicates that the Shiba Eternity game is already seeing great popularity in Vietnam. BitWallet Inc., a U.S Department of Treasury’s Money Services Business, announced via tweet that it would soon list four altcoins, including Shiba Inu (SHIB).
Key Levels
Resistance Levels: $0.00002185, $0.00002050, $0.00001800
Support Levels: $0.00001300, $0.00001209, $0.00001000
SHIB/USD Daily ChartThe SHIB/USD pair is falling beneath the moving average (MA 200) on Wednesday after reaching the $0.00001792 level early in the week amid the range trading circumstances. As of this writing, the pair was trading at $0.00001479, in the 4-month range, and its down 6.77 percent on the day.
A break of the $0.00001792 resistance zone, on the other hand, would indicate a return to higher ground and point to the crucial $0.00002000 resistance level for a re-test. A major break of the $0.00001300 support level, on the other hand, would be an early indication of a trend reversal and a return to the MA 50 at the $0.00001209 support level for validation.
SHIB/USD 4-Hour ChartThe SHIB/USD is expected to decline further amid its resistance at $0.00001800. The most recent gain from $0.00001300 is regarded as another rebound phase of the pattern. The intraday trend is range-bound, with resistance at $0.00001650. Otherwise, a greater rebound might keep the trend optimistic.
The breach may approach the high of $0.00001792 above the intraday high of $0.00001643. A break of the minor support level of $0.00001400 at a 4-hour moving average (MA 50), on the other hand, would result in a negative inclination toward the support level of $0.00001300. At the moment, the SHIB/USD pair appears to be susceptible to further drops.
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