Shiba Inu (SHIB) Price Analysis 24-05-2023

Shiba Inu

Bearish momentum has been established as the SHIB price drops below the 200-day moving average and $0.000010 support. The current trading pattern is a falling wedge.

Buyers have now absorbed the supply from sellers, therefore we wait for a bullish breakout from the Falling Wedge, preferably back above $0.000010 and the 200-day moving average.

Wedge in Free Fall Typically causes a breakout to the upside. Price is likely to continue its upward trend after it breaches the upper trend line.

Swing traders may make use of the space between the convergence lines to trade developing patterns in advance of a breakout, but most traders should wait for the pattern to finish forming for the breakout to occur before placing a BUY order.

The long-term, intermediate-term, and short-term trends are all downward. With a bullish MACD line and a bearish RSI reading, momentum is indecisive. Nearest Support Area is $0.0000008. Previous support at $0.000010 leads to the Resistance Zone at $0.0000120.

Haris Rauf