Over the last week, Shiba Inu Price experienced a substantial increase. However, in the last 24hrs the chart of the cryptocurrency moved down. Meme-coin has broken through its handle and cup pattern, which had been in place for several months. These signs pointed to bullishness.
Although the Shiba Inu prices fell, the technical outlook of this coin remained positive as of writing. If Shiba Asu can maintain above the $0.000015 price, then the meme coin could trade at the $0.000021 mark.
In the coming days, Shiba Inu prices could rise by as much as 50%. Meme-coin still enjoyed strong buying strength. For Shiba’s uptrend to continue, there must be substantial buying power in the market.
Binance’s announcement that it would be adding SHIB support for European payment cards was the catalyst behind this rally. This has in turn increased Shiba Inu’s potential to help find new users in the crypto space.
Shiba Inu Price: One Day Analysis
SHIB trades at $0.000015, at the time this article was written. This happened after Shiba Imu prices broke below the handle and cup patterns.
Shiba Inu’s cup and handle pattern means bullish momentum for the coin. Shiba Inu’s price can rise if buyers push it higher.
It was $0.000016 at the moment. The coin would fall to $0.00009 if it fell below its current price.
SHIB was slightly less traded at the end of last trading session, which led to a decrease in selling pressure. Despite falling prices, the buying power remained substantial.
Technical Analysis
On its first day chart, the meme-coin registered an overbought condition. Even with a slight fall in Shiba Inu prices, buyers still controlled a market.
Relative Strength Index rose above 60 after it recovered from its 80 mark. SHIB was still considered to be in an overvalued area at the time this article was written, despite the modest retracement.
SHIB prices were above the 20 SMA line, which indicates buyers pushing price momentum.
SHIB’s technical indicators had pointed towards a rise in buying strength. The Moving Average Convergence Divergence shows the price momentum. MACD displayed green histograms, which indicated that the chart had a buy signal.
Directional Movement Index indicated the direction in which the asset’s price is headed and also if there will be any reversals. The +DI line above the -DI was positive, which indicated that DMI was in the positive category. A rise in Average Directional Index Red (Red) indicated that price momentum has gained strength.
Featured image by Thewistle. Chart from TradingView.com