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SHIB trend analysis: Shiba Inu price jumps 25% after a tweet



SHIB trend analysis: Shiba Inu price jumps 25% after a tweet
Coin page/screenshot

SHIB has failed to live up to the market expectations in recent times. Unlike its counterparts, the currency has been unable to provide significant returns. The price graph’s analysis shows the formation of an inverted head and shoulder pattern. Coinpage reports that SHIB has failed to rise above the $0.000132 mark. However, its price has shown a 22.27% increase over the past month. SHIB price received a significant impetus following a tweet from SHIB Super Store. The unpredictable twist in the price graph has spiced up currency’s trading scenarios. The reports show that the SHIB intraday trading volume stands at $1.69 at present, a 350% increase. 

The price rise has triggered various factors

SHIB’s bullish market scenario has instigated the reversal pattern; it might lure the investors into indulging more in the trades to recover the price. Coinpage reports that SHIB price displayed the combined resistance of $0.000016 and 200da-day EMA. Various short-term traders have come into the scheme to earn hefty profits. The coin trades at $0.00001525 at present. However, the current market trend can degrade its price to $0.000132. The exact market scenario is unpredictable, and the investors might have to wait longer to conclude. 

SHIB technical indicators

Cointelegraph shows that the MACD indicator and the signal lines point towards a bullish trend. The positive graph indicators suggest a rapid buyer increase. The data indicates that the signal lines have remained within the positive area despite the recent merger. SHIB’s bullish theory is not yet validated, and the present market graph tests the 200-day EMA; it indicates a higher price rejection. SHIB has recently broken the 100-day EMA support. The Support levels stand at $0.00000121 and $0.0000099, while the Resistance levels are at $0.0000134 and $0.000017.