{"id":25237,"date":"2023-06-09T16:55:45","date_gmt":"2023-06-09T20:55:45","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=25237"},"modified":"2023-06-09T16:55:45","modified_gmt":"2023-06-09T20:55:45","slug":"shiba-inu-shib-price-at-the-most-crucial-point-in-its-history","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/09\/shiba-inu-shib-price-at-the-most-crucial-point-in-its-history\/","title":{"rendered":"Shiba Inu (SHIB) Price At The Most Crucial Point In Its History?"},"content":{"rendered":"

After Shiba Inu (SHIB) had a fabulous rally at the beginning of the year, the price has been in a sustained downturn since February 5, which neither the beta launch<\/a> of Shibarium nor an increase in monthly burn rates<\/a> were able to prevent. With the price currently trading at $0.00000804, SHIB is thus at possibly the most important point in its young history.<\/p>\n

A look at the 1-day chart reveals that SHIB reached a local high of $0.00001575 on February 5, 2023. From that point until early May, the price formed a descending triangle with a horizontal trend line at $0.000010 acting as support for a long time. This price level was also aligned with the 23.6% Fibonacci level.<\/p>\n

Most Important Moment In Shiba Inu Price History?<\/h2>\n

When the trend line was broken to the downside, the downtrend continued rapidly. All year-to-date gains were wiped out. However, one last hope may now be a triple bottom chart pattern, which the Shiba Inu price is currently exhibiting.<\/p>\n

The price area at $0.00000776 served as the last support back in mid-June 2022 and late December 2022, and now again. Shiba Inu meets all three characteristics of the chart pattern.<\/p>\n

First, the three lows must be roughly equal in price and spaced apart by a certain distance (June and December 2022, June 2023). Second, volume must be decreasing throughout the pattern, which is a sign that the bears are losing strength. Looking at the time pattern of SHIB trading volume, this condition can also be considered to be met.<\/p>\n

Third, Shiba Inu has been in a steady downtrend with lower highs since the all-time high of late October 2021. Hence, the decisive moment might have come now: While the trading volume decreases during downward movements, the volume should increase during upward movements when the price breaks through the resistance levels. Only if that happens, a trend reversal seems possible.<\/p>\n

A very first resistance to break through is at $0.0000817. If successful, the 50-day Exponential Moving Average (EMA) currently at $0.00000907 could come into focus. However, probably the most important resistance to confirm a fake breakout is the 23.6% Fibonacci level at $0.000010.<\/p>\n

The bullish case of Shiba Inu is also supported by a possible bullish divergence of the RSI in the 1-day chart. This occurs when the RSI indicates an oversold condition (SHIB\u2019s RSI dropped as low as 24 in May), followed by a higher low associated with lower price lows.<\/p>\n

Thus, the RSI of Shiba Inu price in the 1-day chart could indicate bullish momentum. The break above the oversold zone in recent days could be a signal for a new buy position. But the bearish case is still strong as well.<\/p>\n

SHIB traders do not want to see a drop below $0.00000716 at any cost. If this happens, it would be an alarming signal that SHIB could test the September 2021 low around $0,000006.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

After Shiba Inu (SHIB) had a fabulous rally at the beginning of the year, the price has been in a sustained downturn since February 5, which neither the beta launch<\/a> of Shibarium nor an increase in monthly burn rates<\/a> were able to prevent. With the price currently trading at $0.00000804, SHIB is thus at possibly the most important point in its young history.<\/p>\n

A look at the 1-day chart reveals that SHIB reached a local high of $0.00001575 on February 5, 2023. From that point until early May, the price formed a descending triangle with a horizontal trend line at $0.000010 acting as support for a long time. This price level was also aligned with the 23.6% Fibonacci level.<\/p>\n

Most Important Moment In Shiba Inu Price History?<\/h2>\n

When the trend line was broken to the downside, the downtrend continued rapidly. All year-to-date gains were wiped out. However, one last hope may now be a triple bottom chart pattern, which the Shiba Inu price is currently exhibiting.<\/p>\n

The price area at $0.00000776 served as the last support back in mid-June 2022 and late December 2022, and now again. Shiba Inu meets all three characteristics of the chart pattern.<\/p>\n

First, the three lows must be roughly equal in price and spaced apart by a certain distance (June and December 2022, June 2023). Second, volume must be decreasing throughout the pattern, which is a sign that the bears are losing strength. Looking at the time pattern of SHIB trading volume, this condition can also be considered to be met.<\/p>\n

Third, Shiba Inu has been in a steady downtrend with lower highs since the all-time high of late October 2021. Hence, the decisive moment might have come now: While the trading volume decreases during downward movements, the volume should increase during upward movements when the price breaks through the resistance levels. Only if that happens, a trend reversal seems possible.<\/p>\n

A very first resistance to break through is at $0.0000817. If successful, the 50-day Exponential Moving Average (EMA) currently at $0.00000907 could come into focus. However, probably the most important resistance to confirm a fake breakout is the 23.6% Fibonacci level at $0.000010.<\/p>\n

The bullish case of Shiba Inu is also supported by a possible bullish divergence of the RSI in the 1-day chart. This occurs when the RSI indicates an oversold condition (SHIB\u2019s RSI dropped as low as 24 in May), followed by a higher low associated with lower price lows.<\/p>\n

Thus, the RSI of Shiba Inu price in the 1-day chart could indicate bullish momentum. The break above the oversold zone in recent days could be a signal for a new buy position. But the bearish case is still strong as well.<\/p>\n

SHIB traders do not want to see a drop below $0.00000716 at any cost. If this happens, it would be an alarming signal that SHIB could test the September 2021 low around $0,000006.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-25237","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25237","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=25237"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25237\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=25237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=25237"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=25237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}