• Shiba Inu price spikes 27% but fails to attract emotion and commitment from investors.
  • SHIB price contraction leads to price expansion after the fifth inside day in nine trading days.
  • Bias remains higher unless $0.00000727 folds.

Shiba Inu price stabilization at the apex level of a symmetrical triangle combined with an inside day lifted SHIB higher. Still, gains were short-lived as the meme token has fallen over 8% today. An inability to separate from the doldrums of the broader cryptocurrency markets leaves the Ethereum-based cryptocurrency searching for an organic catalyst to capitalize on the positive message being dictated by the charts.

Shiba Inu price generates new predictions and theories every day

From May 19 until May 24, Shiba Inu price formed a symmetrical triangle pattern with two reaction highs and three reaction lows with a measured move target of $0.00001450, representing a 50%. During the development of the triangle, SHIB close with consecutive inside days.

On May 24, Shiba Inu price executed an impulsive breakout from the symmetrical triangle pattern, generating a 30% gain. Still, SHIB failed to capitalize and quickly fell into a downward drift, highlighted by resistance at the 10-day simple moving average (SMA) and support at the triangle’s upper trend line.

During the May 28-30 period, Shiba Inu price balanced along the apex level of the symmetrical triangle, registering another inside day on May 30. The horizontal price action created a minor inverse head-and-shoulders pattern on the one-hour chart. Yesterday the pattern triggered, carrying SHIB to a gain of 27% at the intra-day high before closing up 18% and above the 10-day SMA, prompting DJ JY to ask, “You see them spikes?”

Shiba Inu price has reversed lower, taking SHIB below the 10-day SMA and near the triangle’s apex level. 

In a fluid crypto market, Shiba Inu price could recapture buyers’ interest and drive SHIB up to the price range defined by the May 24 high at $0.00001204, the May 20 high at $0.00001214 and the May 16 low at $0.00001238, returning 45% to investors from the current price.

Additional resistance includes the 23.6% retracement of the May decline at $0.00001325. The 38.2% retracement at $0.00001793 will be complex as it aligns with a price cluster from 12 to May 18. Ambitious SHIB investors should be targeting the 50% retracement at $0.00002186.

SHIB/USD daily chart

SHIB/USD daily chart

The Shiba Inu price action today does not defeat the bullish outlook unless the digital token closes below $0.00000727. A decline below $00000607 would confirm a negative view and put SHIB on course to print lows.

For now, the bias is tilted bullish, but the reversal of another spike following an inside day complicates the price structure and narrative that has been arranged on the charts.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP