The Shiba Inu (SHIB) coin meme has drawn significant attention from retail investors in recent months, and its recent listing on Coinbase Pro has spurred the asset’s surge.
SHIB skyrocketed this week to become the 54th largest cryptocurrency by market cap. The coin meme rose over 47% within hours of the listing being announced, from a low of $ 0.0000555 to a high of $ 0.0000082. Although SHIB is down nearly 14% since its peak, continued buying pressure could continue to depress prices.
From a technical point of view, the Shiba Inu seems to vibrate in a parallel channel. Every time SHIB rises to the upper or middle limit of the channel since June 5th, it has been rejected and the price has been pushed to the lower limit. And from there it tends to recover, which is consistent with the characteristics of the channel.
SHIB recently rallied from the channel’s lower trendline. If the price action seen last month repeats itself, it may break the channel’s median trendline towards the top at $ 0.00000911.
Reversal of this important resistance to support would signal a collapse in the consolidation pattern, with the potential for a 36 percent rally to $ 0.00001238.
It should be noted that Shiba Inu cannot lose the support at $ 0.00000582 for the bullish outlook to be confirmed. A crucial closing price below this demand wall could lead to a 36% correction. The width of the parallel channel down is $ 0.00000263.
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According to crypto briefing