Cryptocurrency prices fell to their lowest level in more than a month yesterday, amid mixed market sentiments. Bitcoin, the world’s largest and most popular cryptocurrency, is trading just above $40,000. The value of the global cryptocurrency market has declined by nearly 4 percent in the last 24 hours to $1.9 trillion.
SHIB Price Analysis
Shiba Inu (SHIB) Price fell along with the rest of the cryptocurrency market as the backdrop for cryptocurrencies was poor market sentiment and growing fears of a recession in the West.
The symmetrical triangular pattern, on the other hand, has the potential to breach either side of the trendline. Furthermore, the technical structure shows that the breakout would support a 52 percent directional move when the initial swing high and swing low from the breakout point are added together.
During the last sell-off, the SHIB price retreated from the declining trendline and dropped 12.2 percent to $0.0000242. The coin’s price would continue to fall, approaching the trendline’s bottom support.
The coin’s first major resistance level is $0.0000277, after which the gates open to $0.000033. The support levels on the downside are $0.0000215 and $0.0000172.
What’s Next For Shiba Inu Price?
On April 14th, the Shiba In(SHIB) price pivoted from the triangular pattern’s resistance trendline. As a result of the drop, the altcoin has dropped 12.2 percent and is now trading below the 200-day EMA.
The rising volume activity suggests that the price will likely continue its fall until it reaches the bottom support trendline before beginning the next bull cycle.
The SHIB price is approaching a triangle breakout as the Bollinger band range narrows. Traders can also rely on the upper and lower bands lined with the converging trend lines for extra confirmation.
With new higher highs and lows, the OBV indicator trendline implies a larger chance of a bullish breakout from the triangular formation.
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