Shiba Inu has been one of the most talked about meme coins since its creation in August 2020 and its connection to Ethereum creator Vitalik Buterin and India’s covid-19 relief fund.
As many know, the crypto market has been downtrend since 2021. There have, however, been momentary corrections along the line. These corrections, while minimal for some, have been massive for others. This is especially true in the case of altcoins. As you may have guessed, an excellent example of these altcoins is Shiba Inu.
SHIB has earned a place as one of the best-performing altcoins over the last week. The meme coin broke past the cup and handle pattern formed over the last month. A clear bullish pattern.
In the last 24 hours, after bitcoin’s impulse move to the downside, SHIB followed suit. It has, however, begun another move to the upside and has moved up 7.2% today alone, at the time of writing.
Despite the pullback on SHIB yesterday, the technical outlook of the meme coin remains bullish. If SHIB manages to stay above the $0.000015 mark, there is a strong possibility of SHIB moving up to the $0.000021 level.
SHIB Technical Analysis
There is a strong probability that SHIB rallies upwards at least 50% over the next few days. If the Bulls stay in control of the market, this might provide the necessary buying power for the meme coin to stay afloat.
Some have speculated that SHIB’s original move to the upside was prompted by Binance’s announcement of their plans to add support for SHIB on payment cards issued in Europe.
SHIB recently broke the resistance around the 0.000016 level, experienced a pullback, and is currently at the 0.0000163 level at the time of writing.
This happened right after it broke out of its cup and handle formation, adding to the list of indications that the meme coin is about to go parabolic.
The RSI is currently around the 80 mark, indicating overbought market conditions. A small pullback may or may not occur, giving the RSI a chance to adjust before another move upwards.
SHIB’s price is above the 20-period moving average, indicating that the buyers are still in control of the market for now.
Will Shiba Inu Continue to Rise
- SHIB’s technical indicators, in general, point towards bullish market conditions. The Moving Average Convergence and Divergence (MACD) indicator displays buy signals.
- The DMI or the Directional Movement Index indicates ‘up’ as the market’s direction, placing the +DI line above the -DI line.
- The ADI, or the Average Directional Index, also indicates bullish market conditions.
According to Peter Brandt, one of the most experienced analysts, SHIB is expected to rise as it has entered a ‘bull cycle.
David Gohkshtein, the founder of Gohkshtein Media and former US Congressional candidate, is another famous technical analyst who also pointed out that SHIB’s price rise may continue.
On the other hand, Bitcoin is fighting to maintain its position around the $24,000 mark. An impulse move to the upside from bitcoin may fuel another powerful move for SHIB.
Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)
