Heading into the weekend, Shiba Inu extends its recent sluggish momentum, as price remains in a bearish consolidative mode after Thursday’s 10% decline.
The canine-themed crypto failed to sustain the gains fuelled by the launch of Shibaswap, a decentralized exchange, earlier this week. The SHIB price rallied hard to hit weekly tops at $0.000009775 in a quick reaction to the launch on Tuesday.
On its launch, Shiba Inu said that its platform gives users the ability to DIG, BURY, and SWAP tokens to gain WOOF Returns through its “sophisticated and innovative passive income reward system.”
As observed on the daily chart, the Shiba Inu price is battling the short-term critical support at the 21-Daily Moving Average of $0.000007955.
The bulls have managed to defend the latter for the second straight day so far Thursday’s steep losses.
A daily closing below the 21-DMA is needed for Shiba Inu price, in order to resume the downtrend towards the price rising trendline support at $0.00000731.
It’s worth noting that Shiba Inu's price has been wavering within a symmetrical triangle pattern formation since early June.
A sustained break below the abovementioned trendline support level is likely to validate a triangle breakdown, opening floors for a test of the immediate cap located at a price of $0.000006995, where the upward-sloping 100-DMA aligns.
The 14-day Relative Strength Index trade volume flatties but holds below the midline, suggesting that the bears still maintain their grip on SHIB price.
Alternatively, if the SHIB price bulls manage to find a strong foothold above the 50-DMA at a price of $0.000008141, then a rebound towards the falling trendline resistance level at $0.00000965 could be in the offing.
However, Thursday’s high of $0.000008820 could test the price bullish commitments on its way to the triangle resistance.
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