- #Shibainu (SHIB) #price recently displayed a #bullish engulfing candle on a flipped support trendline of a rising wedge pattern.
- Strong #volume suggests buyers are maintaining the new support, potentially leading to a rally above $0.00001.
- Questions arise about whether to accumulate this #memecoin or if it's too late.
- The coin saw a 15.2% rally, reaching $0.0000102, but paused at the previous swing high of $0.0000105 due to overhead supply pressure.
- A consolidation phase is anticipated to ease selling pressure before attempting to break the $0.0000105 level for a potential 12.8% increase to $0.00001188.
- A potential correction could occur if SHIB price falls below minor support at $0.0000097, possibly leading to a double top reversal pattern and a drop to $0.0000088.
- The coin's price above the 200-day Exponential Moving Average (EMA) indicates a bullish sentiment.
- The Average Directional Index (ADX) suggests buyers might exhaust their momentum, implying a need for a pullback or consolidation to renew bullish strength.
- Intraday trading volume for Shiba Inu is $308.2 million, reflecting a 4.5% loss.
(Note: The mentioned price levels and technical analysis are based on the information provided and may not reflect real-time conditions or future market movements.)
