Bitcoin

Shiba Inu

<p><strong>The price of the popular meme-inspired cryptocurrency Shiba Inu (SHIB) has seen renewed volatility in recent weeks, forming several technical patterns across varying timeframes that present differing implications for its near-term trajectory, <a href="https://www.tradingview.com/chart/SHIBUSDT/qksBjm7I-Is-Shiba-Inu-Ready-For-The-Take-Off/" target="_blank" rel="noopener noreferrer nofollow">according</a> to an analyses on TradingView.</strong></p> 
<p>On the 4-hour chart, SHIB appears to be forming an ascending triangle consolidation pattern, with price action contained between horizontal resistance around $0.0000075 and a rising uptrend support line. This is typically viewed as a bullish continuation pattern, implying potential upside breakout ahead.</p> 
<p>However, zooming out to the daily chart reveals a bearish double top pattern has taken shape, with SHIB failing to break above $0.0000075 on two separate occasions earlier this month. This suggests there is significant selling pressure around that resistance level curbing further upside momentum.</p> 
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<p>Adding to the conflicting signals, SHIB price has rebounded sharply over the past week in a V-shaped recovery after briefly dipping below $0.00000695. This rapid reversal indicates the crypto asset still has underlying support and buying interest at lower levels.</p> 
<p>With the pivotal decision on a Bitcoin futures ETF approaching in October, market participants are hopeful this event could boost overall crypto market sentiments and provide a catalyst for assets like SHIB. However, the cryptocurrency faces immediate resistance around the $0.0000075 level where it has struggled to make headway.</p> 
<p>On the indicator front, the MACD is trending upwards in bullish territory, but the RSI shows a bearish divergence which could foreshadow additional weakness.</p> 
<p>In conclusion, while SHIB’s short-term outlook remains murky amid these mixed signals, a break above $0.0000075 resistance could open the door for further gains toward $0.00001. But failure to overcome this barrier could see the crypto asset revisit support around $0.00000695 once again in the days ahead.</p> 
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<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/shiba-inu-at-inflection-point-these-conflicting-signals-cloud-shib-price-outlook/">Shiba Inu at Inflection Point: These Conflicting Signals Cloud SHIB Price Outlook</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Shiba Inu at Inflection Point: These Conflicting Signals Cloud SHIB Price Outlook

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