Shiba Inu Price Analysis: SHIB/USD Tossing in Triangle at $0.000027

The SHIB/USD coin failed to stop its early-day bearish rally, drawing further offers around the $0.00002789 level. The declines may have appeared after the world’s largest cryptocurrency, Bitcoin, started to lose some ground. The Bitcoin price remained strong above the $60,000 zone, trading in a positive zone.

BTC jumped above the $62,000 level, before starting a downside correction. Meanwhile, the bearish bias on the broad-based US dollar has significantly limited further losses in major currencies. The greenback met with some fresh supply, amid a modest pullback in the US Treasury bond yields, following the previous day’s good two-way price moves.

The SHIBA INU is trading near USD 0.00002795, with a 24-hour trading volume of $0.00002795. SHIBA INU has fallen by 0.82% in the last twenty-four hours. Its current market ranking is #19, with a live market cap of $11,054,149,906. There is a circulating supply of 394,796,000,000,000 SHIBA INU coins and the max. supply is not available.

In 2021, the Shiba Inu (SHIB) market is in a robust bull market, with one big continuation pattern on the more extended period charts, indicating the potential for another 90% rise.

On October 8, SHIB increased by nearly 1,250 percent year to date (YTD), to $0.00003528 (data from Binance), setting a new yearly high. Later, profit-taking emotions caused the coin to crack, resulting in a price drop of 41.50 percent to $0.00002060. However, the bulls started accumulating SHIB near the said low level. Following a rebound, the price rose over 55% to $0.00003200, where it was met with another round of selloffs. In the following sessions, the SHIB price formed lower highs and higher lows, establishing a triangle structure that resembles a bull pennant.

The SHIB/USD has a slight bearish bias at the 0.000028 level, holding above an immediate support level of 0.000024. The closing of candles above the 0.000024 level is likely to trigger a bullish trend until the next resistance level of 0.00002948. At the same time, a breakout at 0.00002948 would expose the pair to levels of 0.000032 and 0.0000349.

At the moment, the support level continues to hold around 0.00002403. On the lower side, a breakout at the 0.00002403 level could lead the SHIB/USD price towards the 0.000020 level. The series of EMA data also supports a bullish trend in the SHIB/USD pair. Let’s consider staying bullish above 0.00002403 until the 0.00002948 level. Good luck!