As we all know, from the last week of October, SHIB has faced a downward trend. However, after the bearish trend, the altcoin immediately showed a bullish trend. Also, after the completion of the bearish triangle, the digital coin has gained the base price of $0.00004465.
In the past weekend-Saturday, the price of Shiba Inu Coin fell to over 1.75 percent. Following the decrease in its price, the alt also reversed a 14.15% breakout from Friday, which in return ended the day at $0.0000477.
However, in the last week, the coin cleared its first significant support level at $0.0000428 and revisited the price of $0.000048 before easing back.
All of these stats and price data suggested that the price of Shiba coin has seen major ups and downs in its price from the last month.
Notably, Shiba Crypto left the significant support levels as well as resistance levels untested.
Technical Analysis of Shiba Inu
At the time of writing, the coin of Shiba Inu has been trading at the price of $0.00004297 after the mixed trading signals. Along with this, its price transaction is below 4-hour 20-SMA (white) and 50-SMA (red), suggesting the existence of bearish influence. To conclude, the RSI saw a plunge from the 60-mark towards the half-line.
Technical Analysis in a 3-Day Chart
As we all know, since its launch, SHIB Coin has gained almost 441605.51% of its worth. However, it is still bullish in 2021. The meme-based digital coin is currently trading at $0.00004297 with a total supply of one quadrillion tokens.
If you want to know whether the cryptocurrency is showing a bullish or bearish trend/signal, you should start with a high time frame of the chart/graph.
The world’s largest crypto exchange-Binance listed this coin on May 10 amid its major hype-spike. As long as Shiba went up, it came down too and formed the range afterward. According to CoinMarketCap, the altcoin is being trapped inside a range.
If you look at the chart from a simple point of view, you can see two cases for SHIB. The Bullish one, where the altcoin breaks above the range, while vising versa in the case of Bearish.
Moreover, this article is based on our research, technical analysis, price predictions. Therefore, don’t take this article as a piece of financial as well as investment advice.
Do your research before investing your savings into this coin. Moreover, always invest that amount of money which you can bear the loss.
Also Read: Shiba Inu Coin Price Prediction: SHIB Coin is likely to break out soon
Technical indicators for Shiba Inu Coin
| First Major Support Level | $0.0000455 |
| Pivot Level | $0.0000478 |
| First Major Resistance Level | $0.0000500 |
| 23.6% FIB Retracement Level | 0.00006987 |
| 38.2% FIB Retracement Level | $0.00005680 |
| 62% FIB Retracement Level | $0.00003700 |
