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Published January 13, 2023
The intense selling pressure of the $0.0000096 mark is evident by the long wick doji candle. This candle of uncertainty after a recovery rally indicates the bullish momentum has exhausted. As a result, the Shiba Inu coin is poised for a temporary pullback which could offer discount opportunities to interested traders.
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Source- Trading View
Amid the recent recovery in crypto, the Shiba Inu coin rebounded from the 2022 bottom support of $0.00000788. This bullish reversal led by a rounding bottom pattern, offered a steady bullish recovery over the past two weeks.
The U-shaped recovery accounted for 22.8% growth and surged the SHIB price to its current level of $0.00000968. Earlier today while the overall market was still under bullish sentiment this memecoin tried to breach the $0.00000961 neckline resistance of the rounding bottom pattern.
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However, by the press time, the daily candle shows a long wick rejection, indicating the overhead selling pressure is intense. This bearish momentum may rise if the temporary long traders started booking profits.
Thus, a minor pullback in Shiba Inu coin may tumble the price by 9% to revisit the $0.0000088 support. If the overall bullish sentiment persists in the market, the prices are likely to rebound from this support and resume the price rally.
Thus, the traders enter at this pullback opportunity, to grab a potential rally with higher change to surpass $0.00000961 .
MACD: the increasing gap between the MACD and signal indicates the growth in underlying bullishness and higher possibility of price recovery.
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EMAs: the 100-day EMA located near the $0.0000961 intensifies the resistance power of this barrier.
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