Shiba Inu's price had been locked in a descending channel since June 3, before overcoming the channel’s upper boundary trend line on June 12 and followed up by today’s 10% gain. The favorable SHIB price action developed after a brief decline below the May 19 low, creating a bear trap for some investors. A continuation of the SHIB price rebound will be met with solid resistance at $0.00000770.
It took a compelling reversal pattern to release Shiba Inu's price from the descending channel and drown the skepticism inspired by the bearish price pattern. As anticipated on June 11 there is no immediate resistance level for SHIB until the interesting range that hovers around $0.00000770. It was resistance June 7-9 and support level June 27-30, and an area of price congestion May 21-23.
The $0.00000770 support level is reinforced by the 50 nine-hour simple moving average at $0.00000791. A close above those two levels should propel Shiba Inu's price to the apex line of the multi-week symmetrical triangle pattern at $0.00000888, offering SHIB traders and investors a 29% gain from the current price.
More aggressive levels include the June 2 high price of $0.00001048 and the rough confluence of the May 24 high of $0.00001204 with the May 20 high price of $0.00001214. Fibonacci levels do not come into play until the price of $0.00001278, the 23.6% retracement of the May plunge.
A detraction of this new, emerging SHIB price rally is the absolutely low commitment shown in the total trade volume. On the intra-day charts ranging from four hours to twelve hours, none of the positive candlesticks patterns since yesterday’s low have been supported with above-average volume. A point to consider if the rally continues to develop.
As long Shiba Inu's price remains above the May 19 low, SHIB price investors should be focused on the upside potential for the rookie cryptocurrency. However, if Shiba Inu's price does register a daily close below the May 19 low, this price rebound will have been just a dead-cat bounce.
It is easy to dismiss the relevance of SHIB price in the more extensive cryptocurrency complex. Still, it is interesting to note that as of June 10, the meme token ranks second, behind only Bitcoin BTC in the CoinMarketCap Top 10 Cryptoassets with Most Price Estimates. The report shows SHIB price with 9,864 price estimates for June 30 with an average price of $0.00001143.
Assuming that the estimated average is correct, it would equal a 66% gain for SHIB price from the current price and elevate SHIB near the May 24 high at a price of $0.00001204. Something to analyze with the digital asset up 10% today.
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