- Shiba Inu price spikes 27% but fails to attract emotion and commitment from investors.
- SHIB price contraction leads to price expansion after the fifth inside day in nine trading days.
- Bias remains higher unless $0.00000727 folds.
Shiba Inu price stabilization at the apex level of a symmetrical triangle combined with an inside day lifted SHIB higher. Still, gains were short-lived as the meme token has fallen over 8% today. An inability to separate from the doldrums of the broader cryptocurrency markets leaves the Ethereum-based cryptocurrency searching for an organic catalyst to capitalize on the positive message being dictated by the charts.
Shiba Inu price generates new predictions and theories every day
From May 19 until May 24, Shiba Inu price formed a symmetrical triangle pattern with two reaction highs and three reaction lows with a measured move target of $0.00001450, representing a 50%. During the development of the triangle, SHIB close with consecutive inside days.
On May 24, Shiba Inu price executed an impulsive breakout from the symmetrical triangle pattern, generating a 30% gain. Still, SHIB failed to capitalize and quickly fell into a downward drift, highlighted by resistance at the 10-day simple moving average (SMA) and support at the triangle’s upper trend line.
During the May 28-30 period, Shiba Inu price balanced along the apex level of the symmetrical triangle, registering another inside day on May 30. The horizontal price action created a minor inverse head-and-shoulders pattern on the one-hour chart. Yesterday the pattern triggered, carrying SHIB to a gain of 27% at the intra-day high before closing up 18% and above the 10-day SMA, prompting DJ JY to ask, “You see them spikes?”
You see them spikes? #shibainu
— DJ JY (@DJJY) May 31, 2021
Shiba Inu price has reversed lower, taking SHIB below the 10-day SMA and near the triangle’s apex level.
In a fluid crypto market, Shiba Inu price could recapture buyers’ interest and drive SHIB up to the price range defined by the May 24 high at $0.00001204, the May 20 high at $0.00001214 and the May 16 low at $0.00001238, returning 45% to investors from the current price.
Additional resistance includes the 23.6% retracement of the May decline at $0.00001325. The 38.2% retracement at $0.00001793 will be complex as it aligns with a price cluster from 12 to May 18. Ambitious SHIB investors should be targeting the 50% retracement at $0.00002186.
SHIB/USD daily chart
The Shiba Inu price action today does not defeat the bullish outlook unless the digital token closes below $0.00000727. A decline below $00000607 would confirm a negative view and put SHIB on course to print lows.
For now, the bias is tilted bullish, but the reversal of another spike following an inside day complicates the price structure and narrative that has been arranged on the charts.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.