- The price of the SHIB coin has moved from the demand zone to the supply zone, signalling a strong positive trend.
- On a daily time period, the coin price has rushed through the hourly resistance recently with a strong bullish candlestick formation.
- SHIB coin price forms a cup and handle pattern on a daily time frame.
SHIB coin price has been on a rise from the past couple of days and recently it has started falling, following the rejection of the supply zone. If the SHIB coin price jumps off the small term demand zone then it can be seen rising much higher breaking the supply zone.
SHIB coin price trends in a bullish trajectory
After encountering a strong positive momentum from the whole cryptocurrency market, the price of SHIB coin is currently circling around the supply zone, according to price action. The coin price is currently developing a reversal chart pattern, which suggests continued bullish momentum.
On a daily time period, the SHIB coin price is now trading above the demand zone and above the significant Moving Averages. During the current positive momentum, the coin price broke the significant MAs, and ever since then, it has been moving upward. The coin price is climbing above the MAs as it moves upward after finding support during the downturn a. The price of coins is now developing an upper high and upper low price structure.
After rebounding from the lower band, the SHIB coin price is now trading at the upper band of the Bollinger band indicator. However, the price of the currency has not yet crossed the Bollinger band indicator’s upset band. Investors should exercise caution and wait for a valid breakout for a continued upward move since volumes have grown following the coin price’s sharp rise, which indicates high volatility in the forthcoming trading days.
The SHIB coin price is forming a cup and handle pattern on a daily time frame
The SHIB coin price is forming a bullish chart pattern. Before the current movement, the coin price was lying in the demand zone and a recent bullish movement has pushed the price as well as the ADX curve upwards. As of now, the ADX curve is hovering at the level of 36.82 passing the 25 mark level. The ADX curve has turned towards indicating a possible break in the current price structure which could result in the formation of a bullish price structure.
The SHIB coin price has been on an uptrend and the same is depicted by the MACD indicator. The blue line crossed the orange line on the upside indicating bullish momentum in the upcoming trading days. Once the coin price breaks the supply zone, the MACD line can be seen widening supporting the trend. Investors should exercise caution as the coin price can behave erratically until and unless it breaks the consolidation at the supply zone.
The SHIB coin price was facing a strong rejection from the super trend sell line which was acting as a strong supply zone, but recent movement broke it and now the super trend indicator has triggered a positive signal indicating. Moving upward the coin price can be seen resting at the super trend buy line, which can act as a strong demand zone.
Conclusion: The SHIB coin price is bullish as per the price action and the same is shown by the technical parameters. However, the coin price is yet to cross the supply zone, investors should wait for proper price action and then act accordingly.
Support: $0.0000121 and $0.0000110
Resistance: $0.000015 and $0.0000165
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
