The recovery trend in the price of popular memecoin Shiba Inu (SHIB) has turned into a sideways movement within the converging trend lines of a flag formation after a local peak at $0.05. The alternating green and red daily candles indicate that neither buyers nor sellers have gained clear dominance over each other. However, the dominant uptrend and the continuation formation for the uptrend suggest that SHIB’s price will continue to recover.
Can SHIB’s Price Rise to $0.0000012?
The price of Shiba Inu has been moving sideways for about two weeks and has gradually formed a bullish flag pattern on the 4-hour timeframe. Theoretically, this small consolidation phase allows buying pressure to recharge before the next upward leap.
At the time of writing, SHIB’s price is trading at $0.0000087 and moving with a modest growth of 0.3% in uncertainty. However, under the influence of this formation, the price of the altcoin can be expected to continue moving upwards with a strong breakout in the next few days.
This breakout will unleash strong buying momentum and propel SHIB’s price to its first target level of $0.00001058, representing a 22% increase. However, the extended potential target for this formation points to $0.000012, which is the length of the flagpole from the breakout point.
Has the Anticipated Uptrend Started in Shiba Inu?
The weekly chart shows that Shiba Inu is under the influence of a long-term downtrend due to a descending wedge formation in its price. The altcoin has been moving within two downward sloping trend lines that have served as significant resistance and support for about nineteen months. If the expected rally occurs, SHIB’s price can attract significant attention around $0.00135 on the overall trend line. Therefore, a breakout from the resistance level will be the strongest signal for the anticipated uptrend.
Furthermore, on the 4-hour timeframe, SHIB’s price trading above the 100-day and 200-day Exponential Moving Averages (EMA) indicates a short-term uptrend. Additionally, the rising trend between the signal line and the Moving Average Convergence Divergence (MACD) indicator on the weekly timeframe suggests a stronger trend leap in favor of buyers.
