The Cup and Handle Pattern of Shiba Inu Coin
The Shiba Inu coin has showcased a classic example of a cup and handle pattern in its latest three price actions. The pattern is comprised of a U-shaped recovery resembling a cup, followed by a small downward consolidation forming the handle. Currently, the price of SHIB is in the handle phase, striving to restore its bullish momentum.
Intraday Trading Volume and Price Correction of Shiba Inu Coin
The intraday trading volume of the Shiba Inu coin stands at $321 million, reflecting a 31% decrease. Despite the crypto market’s New Year recovery, the price of the Shiba Inu coin rallied 86% from January 1st, reaching $0.0000148. However, due to increasing market uncertainty, the price of SHIB underwent a minor correction, which dropped it to the $0.0000117 support level.
Stability Check During Correction Phase
According to theory, the correction phase, which is the handle part of the cup and handle pattern, is meant to verify stability in coin prices at higher levels. As a result, the Shiba Inu coin bounced back from the $0.0000117 support and rose 13% to a local resistance of $0.0000135.
Current Price Trend and Future Movement
Presently, the coin price is trading at $0.00001331 with an intraday gain of 3.18%. A breakthrough above the $0.0000135 resistance will escalate buying pressure and allow buyers to retest the $0.0000148 neckline resistance. On the other hand, if buyers fail to surpass either $0.0000135 or $0.0000148, a sideways trend may persist. A daily candle closing above $0.0000148 will signal the revival of the bullish trend and could push the price towards the $0.000022 high.