Shiba Inu Exhibits Bullish Tendencies
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Market Analysis: Price Movement Suggests Volatility
In mid-March 2024, Shiba Inu (SHIB) experienced a notable peak in its market price. Subsequently, the market displayed a pattern of gradual price drop. Entering early May 2024, a closer examination of SHIB’s price movement reveals the formation of a symmetrical triangle pattern suggesting anticipated volatility.
SHIBA INU Key Levels
Demand Levels: $0.00002360, $0.00001860
Supply Levels: $0.00002940, $0.00003550
Following the price fall price formed a symmetrical triangle pattern. The symmetrical triangle observed is characterized by converging trendlines that reflect a period of consolidation following a volatile market phase. This pattern does not inherently indicate a directional breakout; however, it suggests that the market is nearing a tipping point that could result in a substantial price shift.
The Daily Relative Strength Index (RSI) has recently risen from oversold conditions, which traditionally signals that the selling pressure is abating and a bullish sentiment may be taking hold. Additionally, the Moving Average (MA) is hinting at a shift in momentum as the 4-hour timeframe indicates price trading above its Mark.
The 4-hour chart indicates a structural shift, with the price exhibiting an upward trend and forming higher highs. This indications suggest the likelihood of an impending bullish breakout.
Market Expectation
Following the break structure in the 4-hour timeframe, the price is anticipated to retrace to the order block before resuming its upward trend and potentially breaking out of the symmetrical triangle pattern.
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