SHIB Technical Analysis: Should You Be Bullish On Triangle Breakout?

SHIB coin price approaches the possible triangle breakout point. Will bulls surpass the resistance, or will the prices fall under market correction? Key technical points: The SHIB price action forms a symmetrical triangle pattern. The price trades under all the crucial EMAs. The 24-hour trading volume of Shiba Inu is $689 Million, reflecting a fall of 25%. Past Performance of SHIB The bear market triggered the 15% correction over the past two weeks and helped stabilize the coin near the dynamic trendline of support. However, a potential reversal of this support would push up the SHIB price 12.5 percent higher, bringing it to the overhang resistance. Source-Tradingview SHIB Technical Analysis With each reversal, the SHIB price range narrows, which indicates that the triangle’s breakout is getting close. However, a symmetrical triangle has an opportunity for a dual side breakout which means that traders need to be patient for the perfect signal. The falling trend of the crucial EMAs starting after the flattish move increases the chances of a death cross. Moreover, the prices trade under all the crucial EMAs, reflecting a solid underlying bearishness. MACD Indicator: The MACD and signal lines continue the downfall to breach under the zero line. The bearish histograms gain trend momentum, indicating a rise in selling pressure. RSI Indicator: The RSI slope creeps into the nearly oversold zone under the influence of the 14-day avera...