Shiba Inu (SHIB) has dropped to $0.000012, forming a symmetrical triangle after losing 77M.
The cryptocurrency analyst draws attention to the fact that the price of Shiba Inu is now in the process of constructing a symmetrical triangular pattern, which indicates that a breakout is imminent.
As a result of this technical formation, Bitcoin is currently undergoing a period of consolidation and has been subject to a few market corrections in recent times.
Although the price of SHIB has been fluctuating within a limited range, it appears that a significant price movement is on the horizon.The expert is indicating that SHIB is currently located in a zone that is favorable for buying.
Because of this, analysts predicted that its price might reach a maximum of 0.0023 in the near future, which would be a realization of around 17 times the initial price. Over the past few days, the 30-day MVRV ratio for SHIB has risen above zero, which appears to indicate that there has been an increase in demand from investors.
An immediate price bounce has occurred because of the transition to this shift and the enhanced confidence in the fact that it has occurred. The MVRV ratio is a measurement of market prices and the price at which tokens were most recently traded.
When the ratio crosses into positive territory, it becomes positive, which indicates that people are feeling optimistic about the market. Also on March 20, 77.64 million SHIB was sold as a cause of loss, which indicates that the assets were removed away from weak hands and transferred to stronger ones.
This occurred while the company was experiencing a loss. A shift in ownership typically results in price stability, and in the most favorable situations, the appearance of long-term growth. This occurs as more engaged token owners stack, which creates a positive space for long-term price movement.
The most recent price of SHIB is $0.00001280, which is a little reduction of 3% over the course of the previous twenty-four hours. If one looks at the daily chart, one can see that the movement of the meme coin appears to be consolidating within a descending channel pattern.
The SHIB is currently facing significant resistance in the vicinity of $0.000013, and the level of support that is immediately available is $0.00001280. Due to the fact that the price has recently bounced against this support region on many occasions, this range has been quite important.
In the event that the Shiba Inu price prediction falls below the $0.00001250 level, it is possible that market participants will anticipate a more significant decline near the $0.000012 support level. It is possible that the price of SHIB will drop to $0.00001 if the cryptocurrency sell market continues to grow.
The Relative Strength Index (RSI) is currently at 36.37, which is below the neutral level, which may indicate that the market is weak. It is expected that bearish momentum will be present in the near future because the Moving Average Convergence Divergence (MACD) line is located below the signal line.
In the event that SHIB is successful in breaking to the upside, the initial level of resistance would be located at $0.00001300, which has functioned as an important price point.
It is possible that the next level of resistance will be around $0.00001350, followed by $0.00001400, if the price is able to surpass this level. If the price were to successfully break above these levels, it would indicate a shift toward a more bullish trend.
