SHIB Price Analysis: Shiba Inu (SHIB) Awaits Breakout of Week Long Bull Pennant
SHIB Price Movement
Shiba Inu has been referred to as the “next Dogecoin” over the past few months. Throughout the first quarter of the year, SHIB experienced mind-blowing gains as price rose over 100,000%. Since the market has turned to a bearish trend, so has SHIB. Just today, SHIB has become ETH’s 3rd largest consumer of gas. This is the result of the much anticipated “ShibaSwap” decentralized exchange that went live on July 6th. This positive advancement and much anticipated release can potentially fuel a price surge above major resistance zone.
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SHIB price has formed a week long bullish pennant which is shown in green. Bulls have attempted a breakout 2 times but have failed with holding price above the top trend line. At the time of writing, there is a major resistance at $0.00000903 that sits right on top of the bullish pennant. Price must break & HOLD this major resistance along with the top trend of the green bullish pennant & the long term trend to be set free for a large price movement. If bulls manage this breakout, the last major resistance within this consolidation zone lies at $0.00000959-$0.00000987.
SHIB Price Analysis: SHIB/USDT 4 Hour Chart
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The 60 MA (shown in blue) has held the SHIB price up since the breakout on June 27th.
If bears take price under this line, it will also break the bottom trend of the bullish pennant which will likely send price down to major support of $0.00000820. If this mark fails to hold, SHIB will find support at $0.00000785 or $0.00000745.
While looking at the MACD, we can conclude price is soon getting ready for a breakout. The MA’s have flatlined above the 0 value which show SHIB wants to stay in bullish territory. At the time of writing, the Stochastic RSI is attempting to break into overbought territory which is where large price movements occur. If this Is deemed successful, SHIB will likely have enough fuel to break to the upside of its bullish pennant.