Shiba INU Price Analysis: Shiba INU breaks out of descending pattern on the daily chart

• Shiba INU Token has broken out of the bearish channel on the daily chart
• The coin has a crucial long-term support zone at $ 0.000021
• The coin has formed a short-term resistance on the hourly chart

Shiba INU Token has broken out of a bearish trend during the last couple of days. It will be interesting to see if the coin can hold above the barrier level or if it reverts to the bearish trend. On the daily chart, the coin had successfully tested the $ 0.000021 support zone. The Stochastic Relative Strength Index (Stoch RSI) indicates that the coin is currently overbought. Bears have been in control of the coin since late October 2021. The next few days are critical in establishing the token’s orientation.

Shiba INU Token has formed a bullish trend on the hourly chart. On the hourly chart, the coin is currently testing the resistance zone at $ 0.000035. Over the last several hours, the coin has witnessed some fantastic volume as it created a flag and broke through the resistance zone on the daily chart. On the hourly chart, the Stoch RSI indicates that the coin is underbought at current levels. Before making the bullish flag, the coin was trading in the $ 0.000018 to $ 0.000023 range. Over the following few trading hours, it will be interesting to observe which way the token goes.

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Conclusion:

Shiba INU Token has formed a short-term resistance on the hourly chart as it made a breakout of the bearish dominance on the daily chart. The Stoch RSI indicator indicates opposite signals on the two-time frames.

Support: $ 0.000018

Resistance: $ 0.000035

DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.