- The RSI line shows steady a concerning the SHIB token’s price
- The SHIB/BTC pair is trading at 0.00000000045 BTC with a gain of 7.2%
- The 24 hr trading volume in the SHIB token is $3.67 Billion, indicating a 185.16% hike
As mentioned in my previous article on Shiba Inu, the token price managed to sustain above the $0.0000245 mark and displayed a bullish morning star pattern. However, The price has not yet provided a proper follow-up candle. The nearest horizontal level is present at $0.000031. The technical chart shows a Cup and Handle pattern in its daily time frame chart.
Above the EMA’s: The SHIB token price is trading above the crucial EMA’s 20, 50, and 100, indicating an uptrend in this token.
The RSI (BULLISH) value is 67, indicating a bullish emotion in this token. However, the RSI line still shows weakness in comparison to the token’s price action.
SHIB Token Forming A Pennant Pattern.
The SHIB token chart indicates the formation of a pennant pattern in the 4hr time frame chart. The pattern usually indicates an upside breakout, providing an excellent long entry opportunity for crypto traders. The price is currently resonating inside the pattern’s triangle portion, and the crypto traders have to wait until the price breaks out from either of its trendlines. The current price of the SHIB coin is $0.0000274, with an intraday loss of 0.97%.
Moreover, the SHIB token traders can plot the traditional pivot level in their chart, which shows remarkable confluence with the significant SR level of this chart, providing more confirmation in one’s trading.
The MACD indicators show that both the signal and MACD line are moving below the neutral zone(0.00), indicating bearish momentum in the price. However, these lines are slowly approaching the middle line, suggesting a possibility of a bullish crossover.
Conclusion: From the technical perspective, the overall trend of the SHIB token is bullish. However, the token is under a minor consolidation in the name of a pennant pattern. The crypto traders can expect a strong directional move once the price gives a proper breakout from the pattern’s trendline.