By Nathan Ferguson
- SHIB price formed a lower peak following a 13% climb, indicating faded bullish momentum.
- Sidelined buyers have a new accumulation opportunity as MRI highlights the upcoming brief downswing.
- A daily candle close beneath $0.0000157 will ruin Shiba Inu’s bullish thesis.
Shiba Inu experienced rallies after overcoming downtrends but appears to lack enthusiasm. The upward move couldn’t form a higher peak and seemed to correct lower. However, the awaited retracement will mean another accumulation chance for sidelined buyers before SHIB launches another explosive surge.
Shiba Inu Awaits Volatility
Shiba Inu had its price stuck under a plunging trend-line for over one month. The price action resembled the downward move that stretched between 28 October 2021 and 8 February. Meanwhile, overpowering the massive downtrend triggered an explosive upside move, suggesting that a comparable breakout from the smaller downswing might also catalyze exponential runs for SHIB.
So far, the meme coin has overpowered the downtrend on 18 March but failed to form a higher peak. While that might mean bearish for SHIB, it isn’t. The Momentum Reversal Indicators displayed a sell signal, suggesting a potential 1-4 candle downtrend.
Such actions will offer sidelined buyers an additional opportunity to acquire tokens at discounted prices. Buyers’ resurgence will see the canine-themed crypto kick-starting massive upside actions towards $0.0000283. Conquering this area will allow bulls to push the token to $0.0000392. That will translate to an approximately 60% surge from SHIB’s current price, $0.0000247.
Despite Shiba Inu’s impressive bullishness, failure to move past $0.0000283 will show buyers’ weakness and lead to a bearish regime. A 24hr candlestick close under $0.0000157 will nullify Shiba Inu’s optimistic narrative. That would open bearish gates to drag the meme coin lower by 15% to retest the support floor around $0.0000135.
Shiba Inu’s bullish outlook emerges as the overall marketplace record upticks. Top cryptos extended yesterday’s gains, the market wavering green at the moment. The global crypto market capitalization noted a 2.12% 24hr increase to explore the $2.01 trillion mark. Analysts believe bullishness might persist in the near term. Fulfilling that will boast SHIB towards its bullish goals.